Jimmy Cayne, the colourful chief executive of Bear Stearns, has sold his entire stake in the investment bank for just over $61m, reports the FT. Cayne sold 5.6m Bear shares for $10.84 each on Tuesday, a day after JPMorgan Chase raised its bid for Bear fivefold to $10 a share, according to an SEC filing. His wife, Patricia, sold 45,669 shares at the same price. Cayne’s sale suggests he does not believe JPMorgan will have to raise its bid. Bear shares slid 5.6% to $10.60 in afterhours trade. The WSJ suggests that Cayne may have sold his stake to help finance his recent purchase of a $26m New York apartment.
