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Merrill Lynch: Lessons in Stampeding...   Walter Lippmann: How Would You Like ...
Nov 1 2007 9:08AM EDT

Bear Stearns: Meet the New Wall Street Journal?

OK, Jack Flack has been skeptical about all the hand-wringing about the future of the Wall Street Journal under Rupert Murdoch, even making fun of hyper-sensitive reports of meaningless events interpreted as omens of the coming of a dark age.

But after reading the 3,100-plus words that Kate Kelly sprayed from page one this morning on Bear Stearns boss James Cayne, Jack Flack swore he saw the ghost of Barney Kilgore rise up and head to the Bull and Bear to smack poor Cody with a shovel out of sheer spite.

It's not that Cayne doesn't deserve a decent skinning, given the massive Bear losses and his odd, antiquated personal behavior. And no doubt about it, the story is a fun read, presenting a character with the personal graciousness of Mr. Potter, the work-ethic of Mr. Krebs, and the recreational habits of Mr. Spicoli.

But it's just unsettling to see the world's preeminent business newspaper give such prominent and extensive focus to the weighty accusations that Cayne is obsessed with bridge, might enjoy occasional weed and chides youngsters for weak handshakes. Also, he doesn't carry a cell phone, obey no-smoking ordinances or talk shop on the golf course. In other words, he acts like a 73-year-old rich guy who owns a big chunk of the joint he runs.

Yes, Bear was in crisis. But should Cayne have been hunkered down in the office instead? Sure, even if only for the optics. But what would he have done there? Dunno. Probably endorse the same two or three decisions he endorsed by phone each morning.

Oddly enough, most long-time Cayne critics -- and there are many -- would have probably preferred that he stayed away at the bridge tourney.

Jack Flack does not debate any of the story's assertions, or even mind a tone that manages to sound both priggish and sensational at the same time. But he does sense the Wall Street Journal is about to become "a better read."

And that somehow feels just a bit creepy.


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