Did Cayne Miss Yesterday's Conference Call Because He Got High?

James Cayne
Photo: Photo Illustration: Corbis (Cayne), Getty Images
(Hat), iStockphoto (Spliff)

So, yesterday Bear Stearns CEO Jimmy Cayne announced the investment-banking firm's first quarterly loss in its history, on the tail of announcing a $9.1 billion write-down. He was apologetic, sort of: He said the results were unacceptable and declared that neither he nor his management team would be taking bonuses this year. Then he then proceeded to entirely skip the conference call with investors. “You’d think the circumstances might have merited a show of contrition,” noted The Wall Street Journal today. Yeah. Especially since, the other day, Charlie Gasparino reported "sources" were saying the Bear Stearns board has been talking about a successor for him. We can't, er, bear this idea: We've grown fond of the Jimster, he's like our pot-smoking, bridge-playing, possibly pervy uncle. Which is why we have to assume that Cayne skipped the conference call not because he didn't feel bad, but because he couldn't deal with all that bad energy.

Bad News for Bear Stearns [WSJ]