James “Jimmy” Cayne, the executive who presided over the storied New York investment bank Bear Stearns in the run-up to its fall in the 2008 financial crisis, has died at the age of 87.
Cayne, who served as chief executive during some of Bear’s most successful years, ended his career as a caricature of reckless bank management, as investors and media reports chided him for regularly leaving the office to play golf and bridge even as his company came under pressure.
Bear Stearns, one of the smallest and most highly leveraged of the top banks heading into the crisis, had earned a reputation as Wall Street’s scrappy underdog.
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