Rolling a Fatty!

From the Wall Street Journal: Bear CEO's Handling
Of Crisis Raises Issues.

A crisis at Bear Stearns Cos. this summer came to a head in July. Two Bear hedge funds were hemorrhaging value. Investors were clamoring to get their money back. Lenders to the funds were demanding more collateral. Eventually, both funds collapsed.

During 10 critical days of this crisis -- one of the worst in the securities firm's 84-year history -- Bear's chief executive wasn't near his Wall Street office. James Cayne was playing in a bridge tournament in Nashville, Tenn., without a cellphone or an email device.

Eh? This is not really a problem. That's what deputies are for. Would they have made the same fuss if he was having his appendix out?

After a day of bridge at a Doubletree hotel in Memphis, in 2004, Mr. Cayne invited a fellow player and a woman to smoke pot with him, according to someone who was there, and led the two to a lobby men's room where he intended to light up. The other player declined, says the person who was there, but the woman followed Mr. Cayne inside and shared a joint, to the amusement of a passerby.

Oooh! When times are troubling, you gotta "unwind" somehow.

Most of Wall St. does alcohol. Jimmy Cayne prefers Humboldt County's finest!

"Asked more generally whether he smoked pot during bridge tournaments or on other occasions, Mr. Cayne said he would respond only "to a specific allegation," not to general questions.

Now that's being "blunt" about it!