Bear Stearn’s chairman sells shares
Published:Friday | March 28, 2008 | 3:57 PM
The chairman of struggling US investment bank, Bear Stearns, has sold his entire stake in the firm as a takeover by JP Morgan Chase looms.
James Cayne has reportedly received US$61 million for his holding, which at one stage was worth close to $1 billion.
Analysts said Mr. Cayne’s action is an indication that investors cannot expect a higher price for their stake.
The bank was forced to seek emergency funding from JP Morgan Chase and the Federal Reserve of New York two weeks ago.
Mr. Cayne\'s move has reportedly pushed Bear\'s share price down by about 5 percent.