And That's Why They Paid Him The Big Bucks: The Work Ethic of a Bear Stearns CEO

Hat tip to Atrios.

http://www.reuters.com/article/bankingFinancial/idUSN1649428620080317


NEW YORK (Reuters) - Bear Stearns Cos Inc (BSC.N: Quote, Profile, Research) Chairman Jimmy Cayne was playing cards in a tournament late last week while his company's future appeared to be at risk, according a published report.

As the bank hammered out an emergency funding deal on Thursday with the Federal Reserve and JPMorgan Chase (JPM.N: Quote, Profile, Research), which resulted in Bear's shares falling by as much as half, Cayne was playing in the North American Bridge Championship in Detroit, The Wall Street Journal reported on its Web site on Friday.

Cayne, who in January stepped down as Bear Stearns' long-time chief executive, is no stranger to controversy about his hobbies. Last year he was criticized for spending too much time playing bridge and golf while Bear stumbled on wrong-way bets on subprime mortgages.

it would be foolish to expect their behavior to change.

CEO of QWEST Joe Nachio took a profitable Baby Bell Telephone company and ruined it leaving the employees in dire straits. He was convicted of insider trading. Now the judge in his case is being investigated for "inappropriate" conduct--a la Spitzer but without call girls.

The crookedness of Wall Street permeates our country.