Gold and the Three Bears
Just 11 months ago, Bear Stearns (BSC) Chairman Jimmy Cayne was almost a billionaire. The value of his nearly 6 million shares, boosted by gains the firm made on subprime mortgages and mortgage-backed securities, soared over $900 million. Shares in the once-high-flying company traded at nearly $160 a share. Even four months after the collapse of two Bear hedge funds, Bear's shares hadn't dipped below $100 and Cayne was still worth, on paper, more than $500 million.
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