wall st.

1 More Reason to Dislike Bear Stearns’ Ex-CEO Jimmy Cayne: He’s a Bigot


In case you need any more reason to leverage haterade toward Bear Stearns — the financial company that collapsed during the credit-default craze and was quickly sold in haste to JP Morgan Chase — take a listen to the way former chairman and C.E.O. Jimmy Cayne speaks. Hint: It involves all sorts of fun slurs.

Cooperating with William D. Cohan’s book about Bear Stearns’ collapse, Cayne has this to say about getting sued by investor Henry de Kwiatkowski, who lost hundreds of millions of dollars in the portfolio Cayne’s company was in charge of:

Their lead lawyer turned out to be about a 300-pound fag from Long Island . . . a really irritating guy who had cross-examined me and tried to kick the shit out of me in the lower court trial. Now when we walk into the courtroom for the appeal, they’re arguing another case and we have to wait until they’re finished. And I stopped this guy. I had to take a piss. I went into the bathroom to take a piss and came back and sat down. Then I see my blood enemy stand up and he’s going to the bathroom. So I wait till he passes and then I follow him in and it’s just he and I in the bathroom. And I said to him, “Today you’re going to get your ass kicked, big.” He ran out of the room. He thought I might have wanted to start it right there and then.

It doesn’t end there.

Cayne’s feelings toward another man went deeper. That honor goes to Timothy Geithner, then the head of the New York Federal Reserve Bank (and now your U.S. Treasury Secretary), who in Cayne’s mind was picking and choosing which Wall Street banks would be saved with cash infusions, and which were deemed to unsound to receive further aid:

The audacity of that prick [Geithner] in front of the American people announcing he was deciding whether or not a firm of this stature and this whatever was good enough to get a loan. Like he was the determining factor, and it’s like a flea on his back, floating down underneath the Golden Gate Bridge, getting a hard-on, saying, “Raise the bridge.” This guy thinks he’s got a big dick. He’s got nothing, except maybe a boyfriend.

Something tells us none of that, however, factored into labeling Cayne one of America’s worst CEOs … ever.

[New Yorker]