<p><div class="image-container float_right" style="width:480px"><div class="image"><img src="http://static2.businessinsider.com/image/520e62e969beddae1c00000e-791-593/jimmy-cayne-2.png?maxX=480" border="0" alt="Jimmy Cayne" width="480" /><p class="source"><a href="http://streeteasy.com/nyc/sale/984846-coop-510-park-avenue-lenox-hill-new-york">via Street Easy</a></p></div></div>The <a href="http://online.wsj.com/article/SB10001424127887324085304579011753073278332.html?mod=WSJ_3Up_RealEstate#project%3DSLIDESHOW08%26s%3DSB10001424127887324139404579012990117653168%26articleTabs%3Darticle">Wall Street Journal reports</a> that <keyword id="204487" type="PERSON" weightage="60" keywordseo="Jimmy-Cayne">Jimmy Cayne</keyword>, the former CEO of now-defunct investment bank <keyword id="144965" type="COMPANY" weightage="60" keywordseo="Bear-Stearns">Bear Stearns</keyword>, is selling his Park Avenue apartment for $14.95 million. </p>
<p>According to the Journal, Cayne and his wife purchased the apartment in 1981 for $1.1 million.</p>
<p>They haven't lived in it for years. </p>
<p>Dolly Lenz Real Estate has <a href="http://streeteasy.com/nyc/sale/984846-coop-510-park-avenue-lenox-hill-new-york">the listing</a> for the 510 Park Avenue apartment.</p>
<p>Now we're going to take a tour. </p>

Ex-Bear Stearns CEO Jimmy Cayne Is Selling His Apartment For $14.95 Million 

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/53d284416bb3f72c1d17adb2-1200-1000/ap98061001308.jpg" border="0" alt="alan ace greenberg" /><p class="source"><span>AP</span></p></div><p></p></div></div>Alan "Ace" Greenberg, who served as CEO of Bear Stearns from 1978 to 1993, died today at the age of 86.</p>
<p>The legendary trader, who started as a clerk at Bear in 1949, received high praise from Warren Buffett in the forward to <a href="http://www.amazon.com/Memos-Chairman-Alan-C-Greenberg/dp/0761103465">his 1996 book</a>:</p>
<p style="padding-left: 30px;"><span style="line-height: 1.5em;">"Ace Greenberg does almost everything better than I do: bridge, magic tricks, dog training, arbitrage - all of the important things in life."</span></p>
<p>A bridge fanatic like Buffett, Greenberg famously hired a bunch of bridge players at Bear including future CEO Jimmy Cayne. <span style="line-height: 1.5em;">After the firm's demise in March 2008, however, <a href="http://www.businessweek.com/magazine/content/10_26/b4184094297192.htm">Greenberg blamed his former protegé</a> for taking excessive risks while paying too much attention to bridge and smoking dope.</span></p>
<p><a href="http://www.businessinsider.com/alan-ace-greenberg-has-died-2014-7"><span style="line-height: 1.5em;">Read more on the Wall Street legend here »</span></a></p>

Warren Buffett Once Said: 'Ace Greenberg Does Almost Everything Better Than I Do: Bridge, Magic Tricks, Dog Training, Arbitrage'

<p>What exactly possesses PR people into thinking it's a wise idea to launch live "<keyword id="6354616" type="CITY" weightage="60" keywordseo="Twitter">Twitter</keyword> Q&amp;As?"</p>
<p>Weeks after pro-austerity group <a href="http://www.businessinsider.com/fix-the-debt-trolled-on-twitter-2013-10">"Fix the Debt" made us laugh</a>, <keyword id="63460" type="CITY" weightage="60" keywordseo="JP-Morgan">JP Morgan</keyword> is the next brand to have their hashtag hijacked <span>by Twitter trolls.</span></p>
<p>"On Nov. 14 at 1pm ET JPM Vice Chairman Jimmy Lee will host a Q&amp;A - tweet your questions early using #AskJPM," JP Morgan's Twitter account <a href="https://twitter.com/jpmorgan/status/399674097547751424%20">tweeted</a>.</p>
<p>Get ready for the questions!</p>
<blockquote class="twitter-tweet">
<p>Would you rather negotiate with 1 horse-sized Eric Holder, or 100 duck-sized Eric Holders? <a href="https://twitter.com/search?q=%23AskJPM&amp;src=hash">#AskJPM</a></p>
- Kevin Roose (@kevinroose) <a href="https://twitter.com/kevinroose/statuses/400741905375318016">November 13, 2013</a></blockquote>
<script async="" src="//platform.twitter.com/widgets.js" charset="utf-8" type="text/javascript"></script>
<blockquote class="twitter-tweet">
<p>Do you like puppies? If you had a puppy, what would you name him? <a href="https://twitter.com/search?q=%23AskJPM&amp;src=hash">#AskJPM</a></p>
- Matt Levine (@matt_levine) <a href="https://twitter.com/matt_levine/statuses/400741405351350272">November 13, 2013</a></blockquote>
<script async="" src="//platform.twitter.com/widgets.js" charset="utf-8" type="text/javascript"></script>
<blockquote class="twitter-tweet">
<p>What's it like working with Mexican drug cartels? Do they tip? <a href="https://twitter.com/search?q=%23AskJPM&amp;src=hash">#AskJPM</a></p>
- David Dayen (@ddayen) <a href="https://twitter.com/ddayen/statuses/400743595436568576">November 13, 2013</a></blockquote>
<script async="" src="//platform.twitter.com/widgets.js" charset="utf-8" type="text/javascript"></script>
<blockquote class="twitter-tweet">
<p>Hey, can I have jimmy cayne's bong back that he left in his office? <a href="https://twitter.com/search?q=%23AskJPM&amp;src=hash">#AskJPM</a></p>
- CJ The Patrón Saint (@cbk_chi) <a href="https://twitter.com/cbk_chi/statuses/400743624452734977">November 13, 2013</a></blockquote>
<script async="" src="//platform.twitter.com/widgets.js" charset="utf-8" type="text/javascript"></script>
<blockquote class="twitter-tweet">
<p><a href="https://twitter.com/search?q=%23AskJPM&amp;src=hash">#AskJPM</a> why did u think this would be a good idea</p>
- alex pareene (@pareene) <a href="https://twitter.com/pareene/statuses/400742702653792256">November 13, 2013</a></blockquote>
<script async="" src="//platform.twitter.com/widgets.js" charset="utf-8" type="text/javascript"></script>
<blockquote class="twitter-tweet">
<p>Ladies and Gentlemen, the Snarkpocalypse is upon us. Brought about by this: <a href="https://twitter.com/search?q=%23AskJPM&amp;src=hash">#AskJPM</a></p>
- Downtown Josh Brown (@ReformedBroker) <a href="https://twitter.com/ReformedBroker/statuses/400743053540864000">November 13, 2013</a></blockquote>
<script async="" src="//platform.twitter.com/widgets.js" charset="utf-8" type="text/javascript"></script>
<blockquote class="twitter-tweet">
<p>Where do babies come from? <a href="https://twitter.com/search?q=%23AskJPM&amp;src=hash">#AskJPM</a></p>
- Richard Minerich (@rickasaurus) <a href="https://twitter.com/rickasaurus/statuses/400742499645661184">November 13, 2013</a></blockquote>
<script async="" src="//platform.twitter.com/widgets.js" charset="utf-8" type="text/javascript"></script>
<blockquote class="twitter-tweet">
<p>How do you decide who to forclose on? Darts or a computer program? <a href="https://twitter.com/search?q=%23AskJPM&amp;src=hash">#AskJPM</a></p>
- Jennifer Reft (@reftpt) <a href="https://twitter.com/reftpt/statuses/400741925264695296">November 13, 2013</a></blockquote>
<script async="" src="//platform.twitter.com/widgets.js" charset="utf-8" type="text/javascript"></script>
<blockquote class="twitter-tweet">
<p>If you feel like a failure, imagine being the person who came up with <a href="https://twitter.com/search?q=%23AskJPM&amp;src=hash">#AskJPM</a></p>
- Rachel Edelman (@rachelsedelman) <a href="https://twitter.com/rachelsedelman/statuses/400741653364756480">November 13, 2013</a></blockquote>
<script async="" src="//platform.twitter.com/widgets.js" charset="utf-8" type="text/javascript"></script>

JPMorgan Takes Questions From Twitter - Gets Thoroughly Trolled

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/56016487bd86ef15008bc046-1172-879/screen shot 2015-09-22 at 10.23.17 am.png" alt="Steve Eisman" data-mce-source="Reuters/ Jessica Rinaldi" /><p class="source"><span>Reuters/ Jessica Rinaldi</span></p></div><p></p></div></div>The National Archives <a href="http://www.archives.gov/press/press-releases/2016/nr16-45.html">did a document dump on Friday</a>, releasing transcripts, meeting agendas, and confidentiality agreements from the Financial Crisis Inquiry Commission.</p><p>There are interviews with <a href="http://www.businessinsider.com/warren-buffett-on-wall-street-pay-2016-3">Warren Buffett</a>, Goldman Sachs chief executive Lloyd Blankfein and <a href="http://www.businessinsider.com/joe-cassano-on-goldman-aig-dispute-2016-3">AIG Financial Products chief Joe Cassano. </a></p><p>The best one we've found so far though is a memo on a meeting between the FCIC and Steve Eisman, then of FrontPoint.</p><p>Eisman was one of the few to call the subprime crash correctly, and he features heavily in Michael Lewis's book "The Big Short."</p><p><span>Steve Carell's character, Mark Baum, is based on Eisman in the movie adaptation. Eisman left FrontPoint in 2011.</span></p><p class="slide-title">His interview with the FCIC was especially entertaining. I've been reading out the highlights to my colleagues and we've been in stitches. Eisman said: </p><ul><li>No one the FCIC had spoken to "has a clue."</li><li>"All of CEOs are clueless" with the possible exception of Lloyd Blankfein.</li><li>The financial system's methods for measuring leverage amount to "some kind of gobbledygook."</li><li>"Alan Greenspan is the worst Chairman of the Fed in history."</li><li>Ratings agencies were told in 2003 or 2004 that their models were wrong, or "probably both years."</li><li>"Nothing here is criminal, it's just stupid. I think they're generally just stupid."</li><li>He did a CDS trade with Goldman Sachs in 2007, and was in contact with Greg Lippman, a trader who also bet on the housing bust.</li><li>He also met with Citigroup and Bank of America, "but they were pretty incompetent."</li><li>He was asked if he had documentation of his interactions with a Goldman Sachs exec., and responded "I don't do documentation, my friend." </li><li>He repeatedly said he would give the FCIC information if they promised he wouldn't have to testify. </li></ul><p>Elsewhere, he was asked to talk about the relationship between monoline insurers and the financial crisis. Here is his response:</p><p style="padding-left: 30px;">My understanding - and it's just my understanding of what happened - was that AIG was the first great seller of CDS. And when they began that, they didn't really understand that they were selling CDS on subprime paper. So the whole Street was creating CDOs and laying off the triple-A risk onto AIG. One of the more interesting aspects of the subprime securitization process - Lippman, when we met for the first time, I asked who was long, he said 'Dusseldorf.' I said later that it can't be all Dusseldorf. Then he'd say CDOs - there's no real buyer.</p><p>It is worth nothing that Lippman was also interviewed, and disputed the scenes in the book "The Big Short" where he singles out German buyers: </p><p style="padding-left: 30px;"><span>So I think that that comment where it's attributed to me that I said, "Idiots in Germany buy this," I think it's taken way out of context. It's certainly not something that I led with. I didn't go into people and say, "Well you should buy protection because idiots in Germany are selling protection." That's not how it came about ... So what I can remember from the book, that's the thing I have the most problem with.</span></p><p><span>Eisman also echoed Warren Buffett on the need for clawback in Wall Street pay. He said: </span></p><p style="padding-left: 30px;">Forcing people to have equity is not a solution - Dick Fuld owned a billion dollars. Jimmy Cayne owned a billion and smoked doobies the whole time - and that's a fact. Stock per se is not a solution. I think claw backs from people who manage balance sheet risk is where you need to go. It's something that needs to be explored.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/paul-krugman-investment-tips-2016-2">Paul Krugman gave us his top 3 investment tips</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="xudmZhMTE6S5SEv1FarlRUAQbNObnowO" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'xudmZhMTE6S5SEv1FarlRUAQbNObnowO',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

We just got our hands on a hilarious interview with hedge funder Steve Eisman from 'The Big Short'

<p></p>
<div class="KonaFilter image-container display-table float_right"><div>
<div class="image on-image">
<img src="https://static-ssl.businessinsider.com/image/53d137406da8113f4de6ede9-843-632/bill-murray-golf-disappointed-sad-distress.png" alt="bill murray golf disappointed sad distress" border="0"><p class="source"><span>REUTERS/Robert Galbraith</span></p>
<p class="caption">Actor Bill Murray drops to his knees</p>
</img></div>
<p></p>
</div></div>Here's something people associate with bigwig CEOs: golf.&#xa0;
<p>But there's a problem: if your company's CEO golfs a lot, your company is probably underperforming.</p>
<p>A paper from&#xa0;<span style="font-size: 15px; line-height: 1.5em;">Lee Biggerstaff at&#xa0;</span><span style="font-size: 15px; line-height: 1.5em;">Miami University,&#xa0;</span><span style="font-size: 15px; line-height: 1.5em;">David C. Cicero at the&#xa0;</span><span style="font-size: 15px; line-height: 1.5em;">University of Alabama, and&#xa0;</span><span style="font-size: 15px; line-height: 1.5em;">Andy Puckett at the&#xa0;</span><span style="font-size: 15px; line-height: 1.5em;">University of Tennessee (which we were first alerted to by <a href="https://twitter.com/matt_levine/status/534731474940207104">Bloomberg's Matt Levine</a>)&#xa0;<a href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2495105">published in August</a> looks at the relationship between CEOs that play lots of golf and the performance of those CEOs' companies.&#xa0;</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">The findings are not in favor of the golfers.&#xa0;</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">The authors state they were after ways that company performance related to CEOs spending time away from their companies. They settled on golf as a proxy for leisure, or a way to measure how much the CEO was "shirking" responsibilities at the company.&#xa0;</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">The authors write that they chose golf because, "a plurality of CEOs list golf as their preferred outlet for leisure and because golf commands a significant time commitment."</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">To conduct this research, the authors hand-collected (!) golfing record for 363 S&amp;P 1500 CEOs from a USGA database containing records for each round recorded in the system by golfers from 2008-2012.&#xa0;</span></p>
<p><span style="font-size: 15px; line-height: 1.5em;">Here are some of the highlights of the paper's findings:</span></p>
<ul>
<li>Companies with CEOs in the top quartile of golf play (22 rounds or more per year) have lower operating performance and firm values.</li>
<li>Some CEOs in the database played more than 100 rounds in a year! (There are 365 days in a year.)</li>
<li>"While some golf rounds may serve a valid business purpose, it is unlikely that the amount of golf played by the most frequent golfers is necessary for a CEO to support her firm."</li>
<li>CEOs play more golf the longer they are the CEO.</li>
<li>The number of golf rounds a CEO plays are negatively correlated with changes in firm profitability.&#xa0;</li>
<li>Overall, higher golf play is associated with a higher probability of CEO turnover.</li>
<li>One CEO played 146 rounds of golf in a year.</li>
</ul>
<p>Among the other choice bits of info from the report include that&#xa0;Jimmy Cayne, the former CEO of Bear Stearns spent 10 of 21 working days away from the office playing golf or bridge in July 2007, the same month that two Bear Stearns hedge funds collapsed. (That info is gleaned from a <a href="http://online.wsj.com/articles/SB119387369474078336">report in The Wall Street Journal</a> by Kate Kelly.)</p>
<p>As we've highlighted recently in writing about the "<a href="http://www.businessinsider.com/wall-street-analyst-conflict-study-november-4-2014-11">revolving door</a>" issue that effects some Wall Street analysts, there are a number of things that&#xa0;<em>seem&#xa0;</em>weird about Wall Street or the business world, but are sort of hard to prove.&#xa0;</p>
<p>This paper is a good example of proving something lots of people might have a hunch about.</p>
<p>If you went up to someone on the street and asked what a CEO has to do, it doesn't seem unlikely that you'd get a response like, "play golf with clients."</p>
<p>And while on some level entertaining clients, or keeping clients happy, or making appearances on behalf of your company are part of what comes with being a CEO, playing golf almost every other day is (probably) not in the job description.&#xa0;</p>
<p>But if you play lots of golf and then get fired as a CEO for doing so, I guess you could just go play more golf.&#xa0;</p>
<p>So, win-win?</p>
<p>We've embedded the whole paper below.</p>
<div><div>
 <p style=" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;">   <a title="View CEO Golf research on Scribd" href="https://www.scribd.com/doc/246999882/CEO-Golf-research" style="text-decoration: underline;">CEO Golf research</a></p>
<iframe class="scribd_iframe_embed" src="https://www.scribd.com/embeds/246999882/content?start_page=1&amp;view_mode=scroll&amp;show_recommendations=true" data-auto-height="false" data-aspect-ratio="undefined" scrolling="no" id="doc_24453" width="100%" height="600" frameborder="0"></iframe>
</div></div>
<p class="embed-spacer"></p>

You Searched For "Jimmy Cayne" and got 5 results

Ex-Bear Stearns CEO Jimmy Cayne Is Selling His Apartment For $14.95 Million

Julia La Roche

Warren Buffett Once Said: 'Ace Greenberg Does Almost Everything Better Than I Do: Bridge, Magic Tricks, Dog Training, Arbitrage'

Gus Lubin

JPMorgan Takes Questions From Twitter - Gets Thoroughly Trolled

Steven Perlberg

We just got our hands on a hilarious interview with hedge funder Steve Eisman from 'The Big Short'

Matt Turner

The Truth Comes Out About CEOs Who Play Too Much Golf

Myles Udland