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Bear Stearns Chairman Cayne Sells His Entire Stake

 James “Jimmy” Cayne, chairman of Bear Stearns Cos., sold his shares in the crippled securities firm for $61 million prior to a vote on the company’s pending takeover by JPMorgan Chase & Co. Cayne sold 5.66 million shares at $10.84 apiece on March 25, according to a regulatory filing today. The value of his stake plummeted from almost $1 billion last year, when the shares peaked at $171.50 before the collapse of the subprime mortgage market toppled two of the firm’s hedge funds and prompted a contraction in credit markets worldwide.Cayne, 74, led Bear Stearns as chief executive officer for 15 years until January, when he stepped down after the New York- based firm posted the first loss in its 85-year history.

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http://www.bloomberg.com/apps/news?pid=20601087&sid=aPkUaAmBR5ZM&refer=home