company town

‘Words Can’t Describe’ How Jimmy Cayne Feels About Bear’s Collapse. Fortunately, Figures Can.

• Former Bear Stearns CEO Jimmy Cayne gave an emotional speech at a shareholders’ meeting today, wherein the storied investment bank was sold once and for all to JPMorgan. “I personally apologize,” he said. “I’m sorry. Words can’t describe the feelings that I feel.” Then, in all seriousness, he looked out at a sea of people who had lost billions of dollars on his watch and quoted Nietzsche: “That which does not kill us makes us stronger.” [WSJ]
• Barry Diller doesn’t trust anyone. “I am so suspect of current markets, and the hedge funds, and momentum selling and buying. I think there is a plot behind everything.” [WSJ]
• The Robin Hood Foundation’s benefit reflected the somber mood on Wall Street. The gala raised $56.5 million, which is hefty, but down about 20 percent from last year. [NYT]

• “Print will be there for at least twenty years and outlive me,” Rupert Murdoch said. He also shed light on the Journal’s editing process. “Every piece of story in WSJ has, on average, about 8.3 editors involved.… That is ridiculous.” [Paid Content]
• Charlie Gibson is in contract talks with ABC over his anchoring gig on World News. The network wants him to stay. Gibson says, “We’ll see.” [NYT]
• Word leaked of bombshell revelations in the upcoming Scott McClellan memoir almost exactly four years to the day that the New York Times offered its “mini-culpa” for its role in helping to pave the way for war. [E&P]

• Betsey Johnson is abandoning the Village for an $1.85 million Upper East Side pad so she can be closer to her grandchildren. [NYO]
• At $103.43 per square foot, office space in Manhattan is expensive, but not nearly as pricey as commercial space in London, which is $299.54 per square foot. [Real Deal]
• To buy or to rent, that is the question. [NYT]

• New York City lawyer Richard Dienst was arrested on charges of groping two female lawyers in his downtown office. []
• New York’s top lawyer, Andrew Cuomo, is going up against free-riding MTA board members who don’t have to pay for their public transportation. [NYT]
• Lawyers who sued broker-dealers, including Citigroup, Inc., and Morgan Stanley, for steering investors into the failing auction-rate-securities market may be unable to prove their clients lost money — or collect fees for themselves. [


‘Words Can’t Describe’ How Jimmy Cayne Feels About Bear’s Collapse. Fortunately, Figures Can.