Jimmy Cayne Net Worth
Jimmy Cayne net worth: Jimmy Cayne is an American businessman who has a net worth of $100 million dollars. Jimmy Cayne was born in February 1934. He is best known for being the former CEO of Bear Stearns. Jimmy grew up in Evanston, Illinois. He attended Purdue University but left to join the United States Army. He first worked as a traveling salesman and sold photocopiers. He started playing bridge full time and was hired by Alan C. Greenberg as a stockbroker for Bear Stearns. Jimmy became president of Bear Stearns in 1985 and CEO in 1993. He became the Chairman of the Board in 2011. While he was away at a bridge convention in 2007, two Bear Stearns hedge funds collapsed. In 2008 he also played at a bridge competition while Bear Stearns was on the verge of bankruptcy. At the peak of Bear Stern's success, Jimmy's personal stake in the company was worth more than $1 billion dollars. He adamantly never sold a share in the company and encouraged other Bear Sterns employees to follow his lead. Unfortunately, after the crash Jimmy sold his stake in the company for $61 million. Ouch. He was named by Time Magazine as one of their 25 People to Blame for the Financial Crisis. Cayne was well known as being a heavy marijuana user. Cayne has been named by CNBC as one of their "Worst American CEOs of All Time". Jimmy is married and has one daughter and five grandchildren.