Jeffrey Epstein, James Cayne and The Men of Money
In a 2009 article titled “25 People to Blame for the Financial Crisis,” the good intentions, bad managers and greed behind the meltdown, Time Magazine reported that while plenty of CEOs screwed up on Wall Street, none seemed more asleep at the switch than Bear Stearns’s Jimmy Cayne. He left the office by helicopter for three-and-a-half-day golf weekends, was regularly out of town at bridge tournaments, and reportedly smoked pot. (Cayne denied the marijuana allegations.) Back at the office, Cayne’s subordinates bet the farm on risky home loans as two of its highly leveraged hedge funds collapsed in mid-2007. But that was only the beginning as Bear held nearly $40 billion in mortgage bonds that were essentially worthless. Cayne later told Fortune, “I didn’t stop it. I didn’t rein in the leverage.”
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