March 15 (Bloomberg) -- Bear Stearns Cos. Chairman James ``Jimmy'' Cayne was playing in the North American Bridge Championship in Detroit over the past two days, the Wall Street Journal reported.

Cayne and a partner were placed fourth in a pair's event on March 13, the newspaper reported yesterday, citing the American Contract Bridge League's Web site.

The event took place while Bear Stearns Chief Executive Officer Alan Schwartz held a series of conference calls with company directors to discuss a cash pledge from the Federal Reserve and JPMorgan Chase & Co., the Journal said, citing unnamed ``insiders'' and people familiar with the matter. Cayne participated in at least some of the discussions, the newspaper said.

Cayne was playing the game yesterday as the investment bank's shares plunged, according to an unnamed attendee, the Journal reported, adding that Cayne declined a request to comment.

Cayne and partner Alfredo Versace finished fourth in a pair's event on March 13 with a score of 21.94, according to the league's Web site. The pair dropped to 26th place yesterday, scoring 42.87, the Web site showed.

To contact the reporter on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net

Last Updated: March 15, 2008 08:38 EDT