Bear Stearns Chairman Cayne sells $61.3 mln in stock

[G_j]

http://www.marketwatch.com/news/story/bear-stearns-chairman-cayne-sells/story.aspx?guid=%7B878B38D8%2DE426%2D490C%2D90D8%2DAAD310769C86%7D

Bear Stearns Chairman Cayne sells $61.3 mln in stock
By Wallace Witkowski

Last update: 4:51 p.m. EDT March 27, 2008
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SAN FRANCISCO (MarketWatch) -- Bear Stearns Cos. (BSC:

11.23, +0.02, +0.2%) Chairman James Cayne sold $61.3 million in Bear shares on Tuesday, according to a Securities and Exchange Commission filing late Thursday. Cayne sold just over 5.6 million shares, with his spouse selling nearly 46,000 additional shares, for $10.84 each.

[Zywiec]

1. What would that have been worth last year? n/t

[Bolo Boffin]

2. Yeah.

Still, this might need a once- or twice-over from the SEC. What would it have been worth on Monday?

[Frustratedlady]

3. Nice it went up from $2 so they'd have enough to live on.

Great comments.

You don't want to hear mine.

[MNDemNY]

5. He probably bought a good number of those shares at $2.00.

[texastoast]

4. The taxpayers SHOULD NOT BAIL OUT THESE FUCKS!

Every one of us should be hammering our reps to prevent a bailout.

[PA Democrat]

6. Cayne conveniently retired in January of this year. He earned more than $155 MILLION

over 5 years, plus you can bet your ass he got a nice retirement package on top of that. I see so many people here with so little sympathy for people who are losing their homes. Now HERE's a guy truly deserving of our contempt.

[Frustratedlady]

7. Who was the guy who got a huge settlement recently from a mortgage co.?

It sticks in my mind that it was $48M plus other benefits? So much happening, I can't remember. However, he should not have been allowed that, either. These rats are running faster than we can spot them. And they don't want US to have a run on the banks?

I give!

[HCE SuiGeneris]

8. That is my fucking tax money!

:wtf: Fed bolsters the price and we will pay for it with interest.

[Frustratedlady]

9. Lou Dodds is bringing this BS up in an hour or so.

He is calling for the SEC and Congress to look into the sales.

[earth mom]

10. I can't find the words for this! *&^%$#@!!!!

:argh:

If taxpayers have to bail those fuckers out, I swear there will be a revolution!!!! Yes, the "R" word!!! :grr:

And btw, wouldn't we taxpayers OWN Bear Stearns if we did pay for it?!!!! :mad:

[G_j]

11. Protesters push their way into Bear Stearns's HQ

Mortgagees bring reality of sub-prime crisis to Wall Street lobby
Andrew Clark in New York
guardian.co.uk,
Friday March 28 2008

Protesters at Bear Stearns's HQ demand help for sub-prime homeowners. Photograph: Lisa Carpenter

Somehow, it felt like a seminal moment when a horde of scruffy sub-prime mortgage victims shoved their way into Bear Stearns's austere headquarters this week to stage a noisy, bitter protest.

It's not often that bankers toiling in the darker corners of Wall Street banks come face-to-face with the objects of their big-brained securitisation techniques. How many hedge fund managers who buy and sell oil have ever sniffed a barrel of the stuff? And how often do agricultural commodities traders actually clap eyes on a bushel of wheat?

The 200 or so people who marched round and round Bear Stearns's lobby on Wednesday were living testimony of the damage caused by reckless, irresponsible lending by mortgage companies egged on by Wall Street. Investment bankers' willingness to snort endless lines of dubious credit and spew them out as arcane "repackaged" mortgage-backed securities provided the impetus behind the boom. The peculiar belief that you can eliminate risk by chopping loans up into smaller pieces has proven to be a fantasy.
..more..
http://www.guardian.co.uk/business/2008/mar/28/useconomy.lendingfigures