How rich is James Cayne?
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CNBC identified Cayne as among the “Worst American CEOs of All Time”. In July 2007, Cayne was absent from The Big Apple during a 10-day bridge convention (“tournament”) in Nashville, participating in multiple contests, when two Bear Stearns hedge funds fell. Bankruptcy proceeding for the funds were started on his last day of contest. In March 2008, as Bear Stearns was on the brink of insolvency, Cayne played bridge in a two-day contest at Detroit, Thursday and Friday March 13–14. Cayne has been the topic of numerous press reports because the Bear fall, for example, truth that he sold his position in the business for $61 million after its crash. Only days after, Bear Stearns came to deal with rival JP Morgan for a complete buy out at just $10 share, approximately $236 million for the whole company. At that time, Cayne had major exposure to the business’s stock, with the majority of his net worth tied up in shares of the business. It’s projected the value of Cayne’s holdings had fell to less than $15 million as an outcome, essentially removing him from the record of the most affluent people in the united states. On March 27, 2008, it had been declared that Cayne sold his entire position in Bear Stearns, over 5.61 million shares, for $10.82 a share. This position was sold ahead of the vote on the renewed bid by JP Morgan for Bear Stearns.