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Jimmy Cayne Declares Victory Over Wsj

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by Felix Salmon
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Nov 01 2007 12:00am EDT

Jimmy Cayne Declares Victory Over WSJ

Cayne, on CNBC, via Dealbreaker:

"It's unbelievable. The phones are ringing off the hook, and everyone wants to play golf with me now."

I'm glad it seems to have worked out this way. There are good reasons for a CEO to be ousted and there are bad reasons, and if Cayne fell as a result of the WSJ story, that would definitely be a bad reason. The fetish of the hard-working CEO, where your quality as a leader is judged by the number of all-nighters you pull, is idiotic and deserves to die. Let's just hope that Cayne himself remembers that, next time he's minded to fire someone for being "away from the office" during a period of crisis.

Oh, and the pot smoking? A clear miscalculation by the WSJ. In a country where Barack Obama's admission of cocaine use has done no damage at all to his prospects of becoming president, an unproven allegation that a banker occasionally smokes a joint is going to have no repercussions at all, beyond making the journalist look sleazy.

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