Remember last summer's crisis at BSC when Cayne was CEO. As the company was in crisis mode he was playing bridge with the do not disturb sign posted! So after that they move the deck chairs and make him Chairman. Then last week while BSC is collapsing he is once again playing bridge in Detroit with the do not disturb sign up. What value does Cayne add to BSC if he isn't there to lead them when the shit is hitting the fan? Cayne's head needs to roll! http://online.wsj.com/article/SB119387369474078336.html?mod=googlewsj Bear CEO's Handling Of Crisis Raises Issues Cayne on Golf Links, 10-Day Bridge Trip Amid Summer Turmoil By KATE KELLY November 1, 2007 A crisis at Bear Stearns Cos. this summer came to a head in July. Two Bear hedge funds were hemorrhaging value. Investors were clamoring to get their money back. Lenders to the funds were demanding more collateral. Eventually, both funds collapsed. During 10 critical days of this crisis -- one of the worst in the securities firm's 84-year history -- Bear's chief executive wasn't near his Wall Street office. James Cayne was playing in a bridge tournament in Nashville, Tenn., without a cellphone or an email device. In one closely watched competition, his team placed in the top third. As Bear's fund meltdown was helping spark this year's mortgage-market and credit convulsions, Mr. Cayne at times missed key events. At a tense August conference call with investors, he left after a few opening words and listeners didn't know when he returned. In summer weeks, he typically left the office on Thursday afternoon and spent Friday at his New Jersey golf club, out of touch for stretches, according to associates and golf records. In the critical month of July, he spent 10 of the 21 workdays out of the office, either at the bridge event or golfing, according to golf, bridge and hotel records. http://blogs.wsj.com/deals/2008/03/...immy-cayne-playing-bridge/?mod=googlenews_wsj Where in the World is Bearâs Jimmy Cayne? Playing Bridge. Posted by Deal Journal Kate Kelly, who covers Wall Street securities firms for the Journal, updates us on the whereabouts of James Cayne. Last year, when he was still chief executive of Bear Stearns Cos., James Cayne took heat for hitting the bridge circuit during troubled times for his firm. Will the same rules apply to Cayne now that heâs chairman? Weâll soon find out. Thursday and today, as Bear fought off a pending cash crisis that threatened to ruin its business, Mr. Cayne â who relinquished his CEO title in January and become the firmâs non-executive chairman â has been in Detroit, playing in the North American Bridge Championship.
This qualifies him for a raise!! Once you get to the top, there is no incentive any more to do anything. Your golden parachute makes you immune to decision outcomes so you can give the employees and shareholders a golden shower while you act the part of "leader" by giving pep talks. You hire consultants to tell you what to do, or just do what all your competitors are doing, sit back, and collect your salary and perks. Better to tie the salary and benefits as conditional to corporate performance. But then, the job wouldn't be so easy.
SHORTLY after lunch on Thursday, James Cayne settled down at a card table in Detroit and eyed his opponents. He was one of 4000 people who had come to play in the North American Bridge Championship, but the chairman of Bear Stearns, seeded fourth in a group of 130 in the Imp Pairs, had every reason to be confident. The session was scheduled to last until 5pm and, although Cayne's mobile phone was ringing constantly, there was no way the competitive 74-year-old could be disturbed. http://business.smh.com.au/frantic-race-to-save-wall-street-giant/20080316-1zsb.html