Jimmy Cayne, Who Led Bear Stearns, Dies at 87

Jimmy Cayne, who led Bear Stearns until it almost collapsed in 2008, died at 87, the Wall Street Journal reported. Cayne, once the Wall Street’s longest-serving CEO, became a poster child for financial mismanagement when Bear Stearns nearly collapsed as a result of heavy debt load and trading losses and was eventually sold to JPMorgan Chase & Co. in a fire-sale deal backed by the U.S. government.

Alison Cayne, his daughter, who confirmed Cayne’s death, said that her father, who left Wall Street in 2008, was a world-class bridge player, having won more than a dozen North American championships.

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