JetPiedmont

Here you go guys; this is the ATTITUDE on Wall Street these days. He already cleaned up in 2006 with a FORTY MILLION DOLLAR BONUS as he leveraged his company into insolvency, but just to make sure he TAKES every nickel he can, he does THIS! JP

NEW YORK (Reuters) — Bear Stearns shares fell after Chairman James Cayne, who was seen as opposing JPMorgan Chase's acquisition of the investment bank, sold all his stock in the company.

"It is symbolic that he's selling," said David Dreman, chief investment officer of Dreman Value Management, a New Jersey based fund manager that has more than $18 billion under management. "It lessens the potential enormously for a long drawn out battle."
"I think he knows that they're not going to get much more," said Dreman, whose firm owns JPMorgan shares.
In a filing on Thursday, Cayne, who stepped down as chief executive of Bear in January after nearly 15 years at the helm, disclosed that he sold all of the 5.6 million Bear shares he directly held. His wife also sold all of her nearly 46,000 shares.
The sale of the shares, which were worth about $1 billion last year when the stock peaked at over $170 a share, were sold for $61 million.

His stake at one point plunged to about $27 million when JPMorgan announced nearly two weeks ago it would acquire the No. 5 U.S. investment bank for $2 a share. JPMorgan later upped that offer to $10 a share, and agreed to acquire 39.5% of the company without a shareholder vote to block any rival offers.
On Thursday, Bear Stearns Chief Executive Alan Schwartz said in a letter filed to the SEC that the company will issue 95 million shares to JPMorgan within the next 10 days as part of the takeover deal. He said the latest agreement was "essential to maintaining the company's financial stability."
In addition, Schwartz said Bear Stearns is able to bypass shareholder approval because "securing stockholder approval would seriously jeopardize the financial viability" of the company. About one-third of the company's shares are owned by Bear Stearns' 14,000 employees.
Cayne, who serves as non-executive chairman, was said to be unhappy about the deal struck to sell the company he worked at for most of his life. He stepped down after Bear Stearns announced its first loss since being founded 85 years ago.
There has been some speculation that Cayne might join forces with Joseph Lewis, a billionaire financier who owns about 12% of the company. Lewis has expressed his interest in blocking a deal many considered to be hastily arranged, and one which severely undervalues Bear Stearns.
Both have recently tried to recruit investors to counter the JPMorgan offer, according to a report in the New York Post last week.
A spokesman for Lewis could not be reached for comment. And, spokesmen for JPMorgan and Bear Stearns declined to comment.
Bear, which until recently ranked as the fifth-largest U.S. investment bank, suffered a liquidity crisis as declining confidence prompted a run on the bank.

Adola

Don't be so negative! Rumor has it that he and Frank Lorenzo are going to sell all their investments, distribute the proceeds to disgruntled airline pilots around the world and join a monastery...