There Can Only Be ONE Bear Stearns Executive Who Is Never At The Office!

Posted by Bess Levin, Oct 03, 2007, 1:55pm

jamescayne.jpgThis truly has to be the greatest story ever told. I submit that its magnificence is unparalleled. I’m not a very religious person but believe that the following information proves the existence of God. If ever you are lonely or poor or just plain sad, think about what I’m about to tell you and all will be good again.

In the last few months of Spector's tenure, the two men avoided each other in the executive dining hall, according to former and current associates. And as the storm over the hedge fund meltdown gathered force in July, Cayne was angry at Spector for spending almost two weeks at a bridge tournament in Nashville, Tennessee. Cayne, who is ranked 611th in the world by the World Bridge Federation, attended the same event for just a few days.

Got that? James Cayne took someone other than himself to task for not coming in to work. James Cayne, who took the entire summer off to cheat at golf, showed someone the door for allegedly shirking his responsibility to play games. JAMES CAYNE, who played and lost in the first round to the No. 15 seed at that same bridge tournament, stripped someone of his livelihood for taking too many personal days. JAMES CAYNE, who left the Bear Stearns conference call that was held to discuss the various way in which the company was fucking stuff up over the summer after two minutes because he was going to be late to his regularly scheduled (early) Friday afternoon golf game, forcing another Bear Stearns exec to tell an analyst who had posed a question at Cayne, “Um, Mr. Cayne has just stepped out. Let me see if I can answer that,” fired someone for doing things other than his job. It’s really all too magical for words. If you’re embarrassed about crying at the office, come over to the DB HQs where I say free of compunction I am getting misty right now.

Cayne apparently also didn’t like the fact that Spector is a Democrat, and censured him for making such information public, in a company-wide memo, and might have felt that he was making advances on the CEO parking space, and was probably jealous that Spector’s wife was in “9 1/2 Weeks,” but that stuff, in light of other revelations, means absolutely nothing.

Spector Ousted by Cayne Over Too Much Bridge, Money [Bear Stearns]

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Posted in: Bear Stearns

Comments

Posted by , Oct 03, 2007 2:05PM

that is fucking amazing

Posted by , Oct 03, 2007 2:07PM

on conference call ...

Analyst: At book value, are you going to be buying back stock here?
CFO: Actually, Jimmy C has just stepped out of the room, but let me try to answer that.

unbelievable! the guy showed for 5 minutes to make a comment and then took off. it's friday afternoon so this 2pm call probably conflicts with the regular golf match

Posted by What's My Tee Time?, Oct 03, 2007 2:12PM

What you "non-leaders" don't understand is that the corporate world is based on "relationships". Golf and bridge and sailing and hunting and fishing and whoring in Mexico is designed to develop "business relationships" with other "leaders" as the HBR calls us. We have "people" who do all that "back at the office business stuff" for us, don't you see? Good God man, I am a delegator!

Oh, and if I read about another Harvard business professor equating himself/herself to being as smart as us "leaders" I'm going to regurgitate.

The smart young people in business figure out that they have to quit and become somebody's CEO....oops, I mean "leader", to advance to my lofty level of corporate activity.

One no trump.

Posted by Mep, Oct 03, 2007 2:33PM

This guy is like Nero, except he is playing bridge while Bear burns.

Posted by Anal_yst, Oct 03, 2007 2:35PM

Didn't know where else to put this, but continuing the theme of bashing Steve Balmer, check this out from the UK Times:

Steve Balmer (#16 on the rich list) thinks Larry Ellison (#4) is OVERPAID!

Audacity, thy name is Balmer.

http://business.timesonline.co.uk/tol/business/industry_sectors/technology/article2568492.ece

Posted by Michael Bolton, Oct 03, 2007 2:39PM

This whole story reminds me of "Barbarians at the Gate". Same arrogance and lofty carelessness....

Posted by Anal_yst, Oct 03, 2007 2:42PM

Didn't know where else to put this, but continuing the theme of bashing Steve Balmer, check this out from the UK Times:

Steve Balmer (#16 on the rich list) thinks Larry Ellison (#4) is OVERPAID!

Audacity, thy name is Balmer.

http://business.timesonline.co.uk/tol/business/industry_sectors/technology/article2568492.ece

Posted by Anal_yst, Oct 03, 2007 2:44PM

Dear DB,

Please fix your site, double posting happens wayyyy too often.

Love,

The Anal_yst

Posted by DB, Oct 03, 2007 2:51PM

Dear Anal_yst,

We're not sure what the problem is.

Love,

DB

Posted by DB, Oct 03, 2007 2:52PM

Dear Anal_yst,

We're not sure what the problem is.

Love,

DB

Posted by thanks, Oct 03, 2007 2:57PM

please amend this page to reflect that Bess is the EIC of this site: http://www.dealbreaker.com/about.php

Posted by UpsidownTown, Oct 03, 2007 3:33PM

Hear a new hedge fund is emerging - with the Bear fixed income, Merrill and UBS fired crew founding.

I guess they figured Long Term Capital remnants did well.

What will be the name? Regurg Capital?

Posted by , Oct 03, 2007 4:18PM

awesome post.

Posted by watchmen, Oct 03, 2007 4:48PM

Awesome if you say so........the whole point is ....stay the hell away from Bear Stearns ......keep you money someplace elsel.

Posted by , Oct 03, 2007 4:51PM

you are hilarious bess.

Posted by Fucking New Guy, Oct 03, 2007 10:07PM

As Bess foiled my earlier attempt to post a link about Mrs. Cayne, I'll have to direct you to it in a roundabout fashion.

Mme Cayne (Margaret Whitton) est une actrice qui a capturer l'attention de notre ami, Monsieur Peau, le patron d'un site Internet reserve pour les aventures cinematique des femmes nue.

Posted by , Oct 03, 2007 10:21PM

what are you talking about FNG? how did she "foil" your attempt?

Posted by , Oct 03, 2007 10:35PM

FNG, you mean "Mme Spector" not Cayne. Get it right.

Posted by , Oct 03, 2007 10:41PM

"and was probably jealous that Spector’s wife was in “9 1/2 Weeks,” but that stuff, in light of other revelations, means absolutely nothing."

Posted by FNG, Oct 04, 2007 3:04AM

Oops. I got all focused on remembering my French and forgot who I was talking about. Bygones.

As for the other thing, I pasted the URL right into the Comments box and clicked Post. After it went through, I got a message telling me that the blog editor (which was, today, Bess Levin) would have to approve my posted comment. Subsequently, my message was not posted. Maybe we're not allowed to post URLs to stop spam, or maybe it's beneath Dealbreaker to post links to naked women. Though I doubt the latter.

I just thought it was funny that a financier's wife has a Mr. Skin entry. I also thought it was funny to post in French. Maybe it's not. I'm no Margaret Cho.

Posted by , Oct 04, 2007 8:40AM

Actually, FNG, that's an error in their system. I received that message once before and instead of bitching and moaning and saying "bess foiled my attempt!" I forwarded it to DealBreaker, who told me to me about the problem. I posted it again and everything was fine.

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