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Did Bear C.E.O. Hit One Into the Rough?
Can a few rounds of golf in the midst of corporate crisis be a good thing? Believe it or not, that's the latest debate to hit the blogosphere after the New York Times reported in its Sunday Business section exposing how Bear Stearns chief Jimmy Cayne was spending his time on the fairway rather than in the boardroom during the investment bank's tumult last month.
According to golf scores posted on website GHIN.com, Cayne was focusing on his follow through on the very same days as Bear Stearns was grappling with the biggest hedge fund bail-out of the 21st Century. And Cayne shot a 96, 98, and 97 on the three separate outings - as the Times' Patrick McGeehan notes, remarkably consistent play for the man at the helm of a company splashed across the business pages of every major newspaper.
Whether just for the sake of being contrary, or in earnest defense of executive playtime, blogger John Caddell has come out in defense of Cayne's behavior. Caddell notes in a blog post that he is "deeply suspicious of the subtext" of the Times article, and champions Cayne's ability to "figure out a way to get some balance in his life."
Bear Stearns shareholders, as well as people who regularly find themselves at work after 5 PM and all day on Fridays, will find it hard to drum up enthusiasm Cayne's enviable work/life balance. Supporting the absence of leadership in a time of crisis seems a strange position to take no matter what the reason, and stranger still when on behalf of a C.E.O. who makes scandalously high earnings despite a dubious attendance record.
Does Caddell's stance suggest that the American public is starting to warm towards the antics of its billionaire C.E.O.s? Probably not, but it does go to show that bloggers are willing to argue with just about anything.
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