(The Wall Street Journal) -- A crisis at Bear Stearns this summer came to a head in July. Two Bear hedge funds were haemorrhaging value. Investors were clamouring to get their money back. Lenders to the funds were demanding more collateral. Eventually, both funds collapsed.

During 10 critical days of this crisis -- one of the worst in the securities firm's 84-year history -- Bear's chief executive wasn't near his Wall Street office. James Cayne was playing in a bridge tournament in Nashville, Tenn., allegedly without a cellphone or an email device. In one closely watched competition, his team placed in the top third.