Nero had nothing on these guys…
NEW YORK (Reuters) – Bear Stearns Cos Inc (BSC.N: Quote, Profile, Research) Chairman Jimmy Cayne was playing cards in a tournament late last week while his company’s future appeared to be at risk, according a published report.
As the bank hammered out an emergency funding deal on Thursday with the Federal Reserve and JPMorgan Chase (JPM.N: Quote, Profile, Research), which resulted in Bear’s shares falling by as much as half, Cayne was playing in the North American Bridge Championship in Detroit, The Wall Street Journal reported on its Web site on Friday.
Cayne, who in January stepped down as Bear Stearns’ long-time chief executive, is no stranger to controversy about his hobbies. Last year he was criticized for spending too much time playing bridge and golf while Bear stumbled on wrong-way bets on subprime mortgages.
Speaking of golf, CNBC had this report from the summer…
CNBC has learned that the Hollywood Country Club in Deal, New Jersey is examining whether Bear Stearns CEO Jimmy Cayne changed his golf scores to allow him to win the July 4th tournament at the club.
Cayne’s golf-game had made news earlier in the month after news reports said he had gone on a golf outing during some of the worst days in Bear’s subprime hedge fund crisis.
The Hollywood Golf Club president Harvey York has formed a three person committee to examine a complaint against Cayne, according to CNBC reporter Charlie Gasparino.
Gasparino spent some time on the phone Friday with York to gauge the seriousness of the allegation.
He told Gasparino that allegations of cheating occur all the time. York said the committee has thus far found no confirmation of cheating on Cayne’s part.