Two years ago, James Cayne of Bear Stearns became the first Wall Street chief executive to own stock and options in his own company worth $1bn (â¬632m). These days, that stake is worth less than $100m.
On Tuesday, the 74-year-old executive - now chairman of Bear Stearns' board - took that money and ran. Together with his wife, Patricia Cayne, he sold 5.7 million Bear Stearns shares at a price of $10.84 apiece, according to regulatory filings - creating just $61.3m in paper profit.
