Bear Stearns (fka BSC)

[analogdog]

Cayne sells $1bn stake in Bear for $61m
By Ben White in New York
Thursday Mar 27 2008 18:30

Jimmy Cayne, a one-time travelling salesman who became a paper billionaire last year as chief executive of Bear Stearns (NYSE:BSC) , has sold his entire stake in the investment bank for a little more than $61m.

According to a filing with the Securities and , Mr Cayne sold 5.6m Bear shares for $10.84 each on Tuesday, a day after after JPMorgan Chase agreed to raise its bid for the stricken investment bank fivefold to $10 a share. Mr Cayne's wife, Patricia, sold 45,669 shares at the same price.

The sale by Mr Cayne, who helped build Bear into a maverick Wall Street powerhouse during four decades at the company, suggests he does not believe JPMorgan will have to raise its $10-a-share bid. Shares in the stricken bank fell 5.6 per cent to $10.60 in after-hours trading.