Firm Boss Finds Out That Sometimes 'Sorry' Just Isn't Enough
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Bear Chairman Jimmy Cayne presided over a sombre 5 minute meeting at the firm's Madison Avenue HQ Thursday, where shareholders formally approved the JPMorgan Chase takeover (the deal went through at $10-a-share, $163 dollars lower than the shares were trading in January 2007). Around 400 shareholders were present, many of them current or former Bear staff. The deal is expected to close today.
Cayne, who personally lost around $1bn from the demise of the firm he helped build, apologised for the mess many hold him responsible for creating. The former Bear boss said: 'I have no anger, only regret. 14,000 families were affected. I personally apologize. I feel an enormous amount of pain'. He continued: 'That which does not kill you makes you stronger. And at this point we are all like Hercules.....JPMorgan is a great organisation. There are better days ahead'. Cayne's platitudes, however, were met with a stony silence. Alan Schwartz, Bear's CEO, said: 'It's a sad day, but we'll get through it. We ran into a hurricane'. Reuters reports that Wayne Kaniper, a shareholder and Korean War veteran, said: (pointing at the US flag in Bear's lobby) 'They should be ashamed to fly the flag'.
Outside the Bear building were tee-shirt vendors. One wore a tee-shirt which said: 'I worked for Bear Stearns 20 years and all I got was a Cayne-ing'. Artist Geoffrey Raymond was also outside with his pop art pic 'The Annotated Bear', a portrait of Cayne. Passers-by, many of them Bear staff, were invited to write something on the painting. Witty inscriptions included: 'Hubris - Thy name is Jimmy!', 'Opening Bid - One Dimon', and 'Now you know what 'BS' stands for!'. There was also the predicable: 'You screwed us, Jimmy'.
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