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When the chairman sells all his company stock . . .
Bear Stearns Chairman James Cayne made a sale this week. He unloaded all of his Bear stock for just over $61 million. Last year, the 5.6 million shares would have been worth about $1 billion. That's when Bear's share price peaked at more than $170. JP Morgan agreed earlier this week to increase its original $2 a share bid for Bear Stearns to around $10 per share. Cayne's sell-off probably means bank shareholders won't get a higher price for their stock.
Posted by Melissa Kaplan on March 28, 2008 6:25 AM PT | Permalink
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