Bear Stearns CEO James Cayne was out of the office playing bridge and golf on critical days this summer, while two of the company's hedge funds faced turmoil.
Kate Kelly, Wall Street Journal
01 Nov 2007 05:52
A crisis at Bear Stearns Cos. this summer came to a head in July. Two Bear hedge funds were hemorrhaging value. Investors were clamoring 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., without a cellphone or an email device. In one closely watched competition, his team placed in the top third.
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