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Can Alan Schwartz Rescue Bear Stearns?
by Felix Salmon
Jan 07, 2008
Jan 07, 2008
This time last year, Bear Stearns was trading at a hundred and seventy something dollars per share. Today, it closed at seventy something dollars per share, well below its book value of $84. That's all you need to know to understand why Jimmy Cayne is stepping down as CEO.
Cayne will stay on as chairman, thanks to his large shareholding and friendly board, which means that it will be Cayne, rather than new CEO Alan Schwartz, who still gets to make the final decision on whether Bear is sold. But as Dennis Berman notes, it's not at all clear who would want to buy the bank:
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