Honor Among Thieves As Bear Stearns Execs Forego Bonuses

The management at Bear Stearns (BSC) did not do much for its shareholders this year, and customers in some of its hedge funds lost their shirts.

Word from CNBC is that the board of the investment bank is looking for a replacement for CEO James Cayne. At least he can walk out with his head held high. He and other top management at the company are going to pass on taking their bonuses.

Bear Stearns will almost certainly announce a loss for last quarter, but, for the first time, there is a sign that management on Wall St. is willing to take some responsibility for its missteps short of simply waiting to be fired.

Cayne may be remembered as one of the villains in the tale of this year’s Wall St. debacle, but he may exit the stage a bit of a Robin Hood, with golf clubs and a joint in the place of a bow and arrow.

Douglas A. McIntyre