James Cayne

James E. "Jimmy" Cayne
James E. "Jimmy" Cayne
Born	14 February 1934 (age 92); Evanston, Illinois, U.S.
Died	28 December 2021 (aged 87); Long Branch, New Jersey, U.S.
Occupation(s)	Business executive, bridge player
Known for	CEO of Bear Stearns

James E. "Jimmy" Cayne (February 14, 1934 – December 28, 2021) was a prominent American executive and served as the CEO of Bear Stearns. In 2006, he became the first Wall Street leader to possess company shares valued at over $1 billion, but he suffered substantial losses during the 2007–2008 Bear Stearns crisis, ultimately divesting his entire holding for $61 million.

Early life and career

Born in Evanston, Illinois to Jean and Maurice Cayne, a patent attorney, Cayne attended Purdue University but left prior to graduation to enlist in the U.S. Army. He was also affiliated with Kappa Beta Phi.

His career began as a traveling salesman before transitioning into selling scrap iron and municipal bonds. In 1969, while dedicating himself full-time to playing bridge in New York City, Alan C. Greenberg hired him as a stockbroker at Bear Stearns. Cayne advanced through the ranks to become president in 1985, then CEO in 1993, and chairman in 2001. He held the chairman position and CEO role until replaced in 2008 and remained with the firm through its eventual downfall.

Wealth

In 2005, Forbes listed him as the 384th wealthiest American, estimating his net worth at $900 million. By 2008, following Bear Stearns' collapse, he had lost approximately 95% of his wealth.

After the financial turmoil, Cayne sold his Bear Stearns shares for $61 million. CNBC reported in March 2008 that the value of his holdings had fallen from $997 million to below $200 million amid liquidity problems faced by the firm. Soon after, Bear Stearns accepted a buyout offer from JP Morgan at $2 per share—valuing the entire company at roughly $236 million—which further reduced Cayne's net worth to under $15 million. On March 27, 2008, he sold more than 5.61 million shares at $10.82 each prior to JP Morgan’s revised bid vote.

In February 2009, Time Magazine included Cayne among "25 People to Blame for the Financial Crisis," highlighting him as one of the CEOs most notably inattentive during the crisis.

Personal life and death

Cayne married his second wife, Patricia Denner, in 1971. They had one daughter, Alison Cayne Schneider, who divorced hedge fund manager Jack Schneider; together they have five children. Additionally, Cayne was uncle to hedge fund investor Richard Cayne Perry.

From his first marriage, he had a daughter named Jennice Cayne Nienkerk, who has two daughters.

Cayne passed away on December 28, 2021, at age 87 in a hospital located in Long Branch, New Jersey, due to complications arising from a stroke.

Bridge

An accomplished bridge player himself, Cayne assembled teams featuring world-class professionals that won more than a dozen North American titles. Notably, in November 2011, his team—which included one American and four Italian world champions—captured his sixth Reisinger Board-a-Match Teams championship. His involvement as both sponsor and player earned him distinctions such as ACBL Grand Life Master and World Bridge Federation World Master. During the 1995 Bermuda Bowl world championship teams event, his USA1 team finished ninth—the lowest placement ever for a U.S. team—while USA2 secured first place. In 2002, The New York Daily Sun announced that he would be contributing a bridge column.

Wins

North American Bridge Championships (17)

Spingold (3) – 1989, 1990, 2015
Reisinger (6) – 1977, 1988, 1992, 2007, 2010, 2011
Grand National Teams (1) – 1994
Open Board-a-Match Teams (1) – 2011
Men's Board-a-Match Teams (2) – 1969, 1988
Jacoby Open Swiss Teams (2) – 1996, 2005
Master Mixed Teams (1) – 1966
Life Master Men's Pairs (1) – 1969

United States Bridge Championships (1)

Open Team Trials (1) – 1995

Other significant victories:

Maccabiah Games (1) – 1981
Cavendish Invitational Teams (1) – 1986
Cavendish Invitational Pairs (1) – 1982
Goldman Pairs (1) – 1968

Runners up

Olympiad Mixed Teams (1) – 1974
World Mixed Pairs (1) – 1974

North American Bridge Championships (15)

Vanderbilt (3) –1983, 1997, 1998
Spingold (3) –1994, 1997, 2006
Reisinger (4) –1981,1993,1994,1996
Open Board-a-Match Teams (1) –1995
Men's Board-a-Match Teams (1) –1989
Mixed Board-a-Match Teams (1) –1996
Life Master Pairs (2) –1969,1973

United States Bridge Championships (1)

Open Team Trials (1) –1998

Other notable runner-up finishes:

Now! Invitational Pairs (1) –1981
Cavendish Invitational Pairs (1) –1976

External links

Heidi N. Moore (March 4, 2009). "Jimmy Cayne’s Vulgar Outburst Toward Treasury’s Geithner at Bear Stearns". WSJ Blogs: Deal Journal. The Wall Street Journal. Accessed 2013-01-29. — selected passages from William D. Cohan, House of Cards: A Story of Hubris and Excess on Wall Street (Doubleday, March 2009).