That’s correct. Congratulations! You know those hard earned tax dollars of yours, the tax dollars that BushCo decided a couple of weeks ago were best spent to bail out the irresponsible investment bankers on Wall Street, instead of letting them fall flat on their asses while free market capitalism belts out an appropriate punishment to those clowns? (You know, the way that we have always been told that "the system" is supposed to work when it has been abused?)
Your generous donation has enabled a guy who should, at this very moment, be as completely and totally financially bankrupt as his immortal soul is, to pocket about a cool $62 million dollars. He never missed one pricy meal, baby. Talk about laughing all the way to the bank. Talk about (excuse screaming, please) CORPORATE WELFARE PROGRAMS.
Yep, our tax dollars made it all possible for James Cayne to take lemons and make lemonade, a whole lot of it. And all of this while Rome burns.
This from tonight’s AP:
Bear Stearns Cos. Chairman James Cayne on Thursday sold his holdings in the embattled investment bank ahead of its expected acquisition by JPMorgan Chase & Co.
Cayne sold 5.66 million shares for exactly $10.84 a share for $61.3 million.
As the NY Post reported a couple of days ago, the newly obscenely enriched Cayne has recently hired a bodyguard:
Anger has reverberated all week throughout the gloomy Madison Avenue offices, where dethroned chief Jimmy Cayne has walked around with an armed bodyguard. Starting Monday, when embittered and dazed employees arrived for their first day of work since learning their firm blew up along with the company piggy bank, Cayne's armed hulk of a bodyguard trailed him everywhere and parked himself outside Cayne's office all day, sources said. Some employees say they're furious at the 74-year-old Cayne for going to bridge tournaments during the week the firm crumbled. Cayne is said to be quietly helping British shareholder, Joe Lewis, drum up another suitor for the firm at a much higher price than Dimon's bargain basement deal as low as $2 a share.
One has to wonder how "embittered and dazed" those employees will be tomorrow morning. I’d be amazed if Jimmy doesn’t request some sort of "work from home" accommodations starting, like, immediately.
This is appalling beyond words. Our tax dollars give Cayne and his company an undeserved second chance and the first thing the guy does, besides playing bridge for a week, is find a way to hike up his worthless shares so that when he finally cashes in, he’s getting multiple times as much money for something that is essentially worth nothing.
I don’t know about Cayne’s employees, but I myself am waaaayyyy beyond "embittered" at this point. These guys think that they are going to get away with completely destroying the integrity of our financial system and then running off with whatever may be left of our childrens' future. And you know what? They probably will.