Former Bear Stearns chief Jimmy Cayne has had a lousy few months, hasn't he? It was while Cayne was frittering away his days on the golf course that the investment bank imploded, of course, and the firm was later sold off for pennies on the dollar to Jamie Dimon's JP Morgan. Thousands of people lost their jobs, the Bear name has since been relegated to the dust bin of Wall Street history, and there's even been chatter that Cayne could face criminal charges in connection with the firm's demise. Then there's the humiliation of watching his personal fortune go up in smoke: Once worth more than $1 billion, Cayne now has less than 10% of that to his name these days. (Embarrassingly, Cayne's little nephew—who he broke into the business—is worth more.) Not that anyone is feeling sorry for Jimmy and his wife, Pat, now that they'll be forced to think twice before ordering up a $5,000 bottle of 1959 Château Margaux the next time they visit Le Bernardin. But those reveling in the schadenfreude, though, haven't considered the people who are really going to suffer: Jewish orphans! After the jump, everything you wanted to know about the James E. Cayne and Patricia D. Cayne Charitable Trust.
So just who is really going to suffer now that Cayne is worth a mere eight figures? The dozens of religious Jewish charities he supports to the tune of $2 million a year. The Jewish philanthropist with a decidedly non-Jewish last name supports dozens of ultra-Orthodox groups. Like Keren Yehoshua V'Yisroel, which hands out free Passover meals to poor families in Jerusalem. Or Ohel Avraham, an organization that sends Jews to Israel gratis and runs a program to help non-Jews convert to the faith. But that doesn't mean he's exclusively focused on Jewish causes. As you can see, the ever-generous former billionaire was kind enough to hand over a $1,000 check to the Police Athletic League.