(Bloomberg) -- When Bear Stearns Cos. Chief
Executive Officer James E. ``Jimmy'' Cayne told the New York
Times the failure of the firm's hedge funds was a ``body blow of
massive proportion,'' he may have been using a tactic honed in
three decades of championship bridge.
To win the card game, a player sometimes will misstate the
number of tricks he can win to dupe opponents into
underestimating his hand. So far, Bear Stearns shareholders
aren't showing much anxiety. The stock has outperformed its peers
since Cayne's remarks were published on June 29, even after Bear
Stearns told investors in the High-Grade Structured Credit
Strategies and High-Grade Structured Credit Strategies Enhanced
Leverage funds that almost all of their money was wiped out.
Read more at Bloomberg Stocks News
Executive Officer James E. ``Jimmy'' Cayne told the New York
Times the failure of the firm's hedge funds was a ``body blow of
massive proportion,'' he may have been using a tactic honed in
three decades of championship bridge.
To win the card game, a player sometimes will misstate the
number of tricks he can win to dupe opponents into
underestimating his hand. So far, Bear Stearns shareholders
aren't showing much anxiety. The stock has outperformed its peers
since Cayne's remarks were published on June 29, even after Bear
Stearns told investors in the High-Grade Structured Credit
Strategies and High-Grade Structured Credit Strategies Enhanced
Leverage funds that almost all of their money was wiped out.
Read more at Bloomberg Stocks News
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