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U.S. markets recover from steep losses
NEW YORK, March 28 (UPI) -- James E. Cayne, chairman of collapsing bank Bear Stearns, has sold his entire investment in the bank for $61 million, sources said.
Cayne, who has worked at the bank since 1969, is seeking to break away from the bank financially and emotionally, The New York Times reported Friday.
Cayne's 5.6 million bank shares was worth more than $1 billion a year ago. Sources toldl the Times that Cayne was as stunned by the bank's sudden collapse last week as any other bank employee, although some blame Cayne for reacting too late to save the bank.
J.P. Morgan and Chase offered Bear Stearns $2 per share in a fire sale a week ago but has since increased the offer to $10 a share. If the deal goes through, the newspaper reported, Cayne, 74, isn't expected to work at J.P. Morgan.
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