Bear Stearns Jimmy Cayne walks away

The rouge paper billionaire Jimmy Cayne has sold his stock to JP Morgan Chase for a mere us$61 million, stock which a month ago was worth in the hundreds of millions. He has given up the fight to challenge the heist of his bank by the US government and the Fed and JP Morgan. It is a sign that in the end JP Morgan will prevail in its bid for Bear Stearns. Cayne who in 1998 told his peers on Wall Street to take a hike in order to save a hedge fund who had gone belly up, got his in the neck in 2008, owing to greed and a massive subprime scam which has rocked the world markets. He picked up two condos in the very posh and renovated Plaza Hotel by Central Park in New York, for us$32 million the value of which has already appreciated. He can devote his leisure and his 'poverty' to chewing on Havana cigars and playing tournament bridge. He like the Eliot's 'Wasteland' goes off the scene with a whimper for all his table pounding and bluster and his puffery. May he rot for eternity!