Greed Doesn’t Kill - But It Can Make Your Wallet Lighter
In January, former chief executive of Bear Sterns, was worth nearly $1 BILLION when Bear Shares hit an all-time high of $171.51. He recently sold his entire stake in the investment bank for a little more than $61 million.
$61 million ain’t anything to sneeze at, but that’s a huge drop. I’m not sure what it says. Was it hubris that made him think it would go up even more? Or even a greater arrogance that made him not sell on the way down cuz he thought it might rebound? Or was it just cluelessness? When the top dog doesn’t know how bad things are, I do feel bad for Bear employees who probably had little to no clue things were so dire and then saw their nest eggs decimated. And I’m sure the vast majority were not falling back from billions to millions.
Tags: Bear Sterns, Jimmy Cayne
