Are we really supposed to feel sorry for this guy?

[RightIsWrong]

Last year his stock was worth and estimated $1B and he ends up selling it for "only" $61M.

The poor guy. How will he ever be able to put food on the table for his family?

Only a year ago James E. Cayne?s stake in Bear Stearns was worth more than $1 billion. But on Thursday, Mr. Cayne, the chairman of Bear, disclosed that he had sold all of his shares in the troubled investment bank this week for just $61 million.

While the sale leaves Mr. Cayne a wealthy man, it nonetheless underscores the deep losses suffered by Bear?s shareholders after the company?s forced sale to JPMorgan Chase two weeks ago.

And for Mr. Cayne, the liquidation evokes a deep sense of loss. It represents a humiliating capitulation for a brash executive who, with his ever-present cigar, suspender-snapping ways and Friday golf outings in the summer, epitomized the classic, if outdated, picture of the Wall Street chieftain.

To the end, Mr. Cayne heeded the advice he often gave his colleagues at Bear: hold on to your stock. Whether the stock was flying high, as it was early last year, at $171, or plummeting, as it did in recent months, Mr. Cayne kept the vast bulk of his 5.6 million shares.

The sale, made on Tuesday, according to a securities filing, represents a final severing of ties with the firm where the 74-year-old Mr. Cayne has worked since he joined as a broker in 1969.

 

[FoBoT]

<Nelson> HA! HA! </Nelson>

 

[MrChad]

So if you lost 94 percent of your net worth in a year we shouldn't feel badly either I'm guessing?

 

[rivan]

You know, if nothing else, he could have done himself a favor by taking his own advice and hold on to it for another two years.

 

[rivan]

Originally posted by: MrChad
So if you lost 94 percent of your net worth in a year we shouldn't feel badly either I'm guessing?

I think the point is that he's still walking away with more than most of us will make through the course of our lives. By several times.

 

[mugs]

Originally posted by: MrChad
So if you lost 94 percent of your net worth in a year we shouldn't feel badly either I'm guessing?

This guy still has enough to live very comfortably for the rest of his life (even if he weren't really old). Sometimes percentages aren't the way to go. If I lost all of my net worth except $61 million, no, I wouldn't expect you to feel sorry for me.

 

[MrChad]

Originally posted by: mugs

Originally posted by: MrChad
So if you lost 94 percent of your net worth in a year we shouldn't feel badly either I'm guessing?

This guy still has enough to live very comfortably for the rest of his life (even if he weren't really old). Sometimes percentages aren't the way to go. If I lost all of my net worth except $61 million, no, I wouldn't expect you to feel sorry for me.

I don't see anywhere in that story where James Cayne is looking for sympathy. The OP seems to be content in mocking his loss simply because he is wealthy. This quote

And for Mr. Cayne, the liquidation evokes a deep sense of loss.

implies to me that his sense of loss has more to do with pride and personal achievement than money.

 

[LegendKiller]

He just bought a 25MM house, I have no remorse for him.

 

[RightIsWrong]

Originally posted by: MrChad

Originally posted by: mugs

Originally posted by: MrChad
So if you lost 94 percent of your net worth in a year we shouldn't feel badly either I'm guessing?

This guy still has enough to live very comfortably for the rest of his life (even if he weren't really old). Sometimes percentages aren't the way to go. If I lost all of my net worth except $61 million, no, I wouldn't expect you to feel sorry for me.

I don't see anywhere in that story where James Cayne is looking for sympathy. The OP seems to be content in mocking his loss simply because he is wealthy. This quote

And for Mr. Cayne, the liquidation evokes a deep sense of loss.

implies to me that his sense of loss has more to do with pride and personal achievement than money.

Actually, my mocking him is not because of his wealth (although it does coincide with that) but more because of his ability to still be able to never worry about money again while the shareholders are left really holding the bag on this one.

 

[austin316]

Originally posted by: MrChad
So if you lost 94 percent of your net worth in a year we shouldn't feel badly either I'm guessing?

This is the scumbag that lied to the public a month or two ago and said Bear Stearns was overflowing with cash and could afford to pay off its debt. As a public company, you can't lie to your investors (the public).

 

[BigToque]

Originally posted by: RightIsWrong

Originally posted by: MrChad

Originally posted by: mugs

Originally posted by: MrChad
So if you lost 94 percent of your net worth in a year we shouldn't feel badly either I'm guessing?

This guy still has enough to live very comfortably for the rest of his life (even if he weren't really old). Sometimes percentages aren't the way to go. If I lost all of my net worth except $61 million, no, I wouldn't expect you to feel sorry for me.

I don't see anywhere in that story where James Cayne is looking for sympathy. The OP seems to be content in mocking his loss simply because he is wealthy. This quote

And for Mr. Cayne, the liquidation evokes a deep sense of loss.

implies to me that his sense of loss has more to do with pride and personal achievement than money.

Actually, my mocking him is not because of his wealth (although it does coincide with that) but more because of his ability to still be able to never worry about money again while the shareholders are left really holding the bag on this one.

You think other billionaires want to hang out with a guy who's only got $61 million? Not that I'm saying all billionaires are like this, but it's a small circle and I could imagine that this guy may no longer be part of the circle.

 

[mugs]

Originally posted by: MrChad

Originally posted by: mugs

Originally posted by: MrChad
So if you lost 94 percent of your net worth in a year we shouldn't feel badly either I'm guessing?

This guy still has enough to live very comfortably for the rest of his life (even if he weren't really old). Sometimes percentages aren't the way to go. If I lost all of my net worth except $61 million, no, I wouldn't expect you to feel sorry for me.

I don't see anywhere in that story where James Cayne is looking for sympathy. The OP seems to be content in mocking his loss simply because he is wealthy. This quote

And for Mr. Cayne, the liquidation evokes a deep sense of loss.

implies to me that his sense of loss has more to do with pride and personal achievement than money.

You need to direct this reply at the OP, because I was merely answering your question.

 

[Orsorum]

Originally posted by: austin316

Originally posted by: MrChad
So if you lost 94 percent of your net worth in a year we shouldn't feel badly either I'm guessing?

This is the scumbag that lied to the public a month or two ago and said Bear Stearns was overflowing with cash and could afford to pay off its debt. As a public company, you can't lie to your investors (the public).

How did Bear Stearns go insolvent?

 

[glenn beck]

I'm pretty sure he has the smarts and contacts to get invest and get the money back.

 

[TallBill]

He's 74. Does it really matter how much $$$ he has?

 

[mugs]

Originally posted by: glenn beck
I'm pretty sure he has the smarts and contacts to get invest and get the money back.

Only way he'd turn $61 million into $1 billion in a reasonable length of time is by starting a business that becomes very successful. Dude is 74, what's the point?

 

[RightIsWrong]

Originally posted by: mugs

Originally posted by: glenn beck
I'm pretty sure he has the smarts and contacts to get invest and get the money back.

Only way he'd turn $61 million into $1 billion in a reasonable length of time is by starting a business that becomes very successful. Dude is 74, what's the point?

You know....

After reading this post I had the image of Don Ameche in Trading Places walking over his dying brother's carcass to try to impose his "power" over the stock exchange board members when he got the margin call.

 

[austin316]

Originally posted by: Orsorum

Originally posted by: austin316

Originally posted by: MrChad
So if you lost 94 percent of your net worth in a year we shouldn't feel badly either I'm guessing?

This is the scumbag that lied to the public a month or two ago and said Bear Stearns was overflowing with cash and could afford to pay off its debt. As a public company, you can't lie to your investors (the public).

How did Bear Stearns go insolvent?

IN PICTURES

Basically, they had many investments tied up in real estate. Sub-prime loans were being given out on the basis that as long as homes continued to appreciate at 10% a year, the banks would be protected. Obviously, with last years 18% decline in home value, this was not the case.

 

[theprodigalrebel]

You are looking at it the wrong way. Yes, it is a crapload of money but it is also a tremendous failure. It'd be like a baseball team going from 18-0 to 18-17 in the last three innings. They still win but there was a whole lot of fail too.

Or maybe that's a horrible analogy.

 

[paulxcook]

I'm sure it's a huge hit to his ego, but I don't feel sorry for him. I don't see where he asks for sympathy, though.

 

[Orsorum]

Originally posted by: austin316

Originally posted by: Orsorum

Originally posted by: austin316

Originally posted by: MrChad
So if you lost 94 percent of your net worth in a year we shouldn't feel badly either I'm guessing?

This is the scumbag that lied to the public a month or two ago and said Bear Stearns was overflowing with cash and could afford to pay off its debt. As a public company, you can't lie to your investors (the public).

How did Bear Stearns go insolvent?

IN PICTURES

Basically, they had many investments tied up in real estate. Sub-prime loans were being given out on the basis that as long as homes continued to appreciate at 10% a year, the banks would be protected. Obviously, with last years 18% decline in home value, this was not the case.

I want you to explain how they went insolvent - that is, how their assets were worth less than their liabilities.

 

[Jeff7]

Originally posted by: rivan

Originally posted by: MrChad
So if you lost 94 percent of your net worth in a year we shouldn't feel badly either I'm guessing?

I think the point is that he's still walking away with more than most of us will make through the course of our lives. By several times.

Yeah. If someone making $20K a year loses 94% of that, they're pretty well royally screwed. This guy has $61M now, plus lots of other assets. If that puts him in serious financial trouble, he's got other problems of his own doing.

 

[LegendKiller]

Originally posted by: austin316

Originally posted by: MrChad
So if you lost 94 percent of your net worth in a year we shouldn't feel badly either I'm guessing?

This is the scumbag that lied to the public a month or two ago and said Bear Stearns was overflowing with cash and could afford to pay off its debt. As a public company, you can't lie to your investors (the public).

They were overflowing with cash. Google "run on banks" to find out what happened.

 

[LegendKiller]

Originally posted by: Orsorum

Originally posted by: austin316

Originally posted by: Orsorum

Originally posted by: austin316

Originally posted by: MrChad
So if you lost 94 percent of your net worth in a year we shouldn't feel badly either I'm guessing?

This is the scumbag that lied to the public a month or two ago and said Bear Stearns was overflowing with cash and could afford to pay off its debt. As a public company, you can't lie to your investors (the public).

How did Bear Stearns go insolvent?

IN PICTURES

Basically, they had many investments tied up in real estate. Sub-prime loans were being given out on the basis that as long as homes continued to appreciate at 10% a year, the banks would be protected. Obviously, with last years 18% decline in home value, this was not the case.

I want you to explain how they went insolvent - that is, how their assets were worth less than their liabilities.

I am sure he can't. I can and await his reply.

 

[GasX]

It is amazing how socialist everyone gets when they talk about the money of someone with more than them...