Banking, finance, and taxes
Jimmy Cayne Unloads All Bear Stearns Stock (BSC, JPM)
Published:
Last Updated:
Bear Stearns Companies Inc. (NYSE: BSC) has an SEC filing out showing that Chairman James "Jimmy" Cayne sold shares the day after JPMorgan Chase (NYSE: JPM) sweetened its bid offering to $10.00.
On March 25, Cayne sold 5,612,922 shares at $10.84 and this says that his direct beneficial ownership of Bear Stearns stock is now ZERO. His wife also sold 45,669 shares at $10.84.
Shares of Bear Stearns closed up 0.18% at $11.23 in normal trading, but shares are down some 4.6% at $10.71 in after-hours.
Maybe some are still hoping for an even higher-yet buyout price, but itdoesn’t look like Cayne does. Either that or he needed more cash toplay card games.
Jon C. Ogg
March 27, 2008
Jon Ogg produces the Special Situation Investing Newsletter and can be reached at [email protected]; he does not own securities in the companies he covers.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
