Stoner Bear Stearns CEO Disputes Everything (That He Can Remember)

"Don't y'all listen to that crazy Wall Street Journal," Bear Stearns CEO Jimmy Cayne is running around saying all day. Actually: "Don't be distracted by the noise," is what he said. Then he said the paper was full of lies, which is unlikely! Bear Stearns shares were down 4% over the course of the day, after the WSJ ran a monster story saying, among other things, that Cayne was MIA for ten days this summer—without so much as a cellphone—while two of the company's funds were collapsing. Last year, Cayne took home $34 million, and also he smokes a lot of pot for a 73-year-old, which is really excellent. We bet it is some good stuff too. He is sort of our hero, particularly as we're not shareholders!

Bear CEO's Handling Of Crisis Raises Issues [WSJ]