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Cayne during happier times as the firm commemorated its new world headquarters in New York City in 2002.
"Acquisitions weren't my forte. The devil you know, that sort of thing. Yeah. I'm not saying I'm right. I was wrong about Neuberger Berman."

Bear Stearns never diversified under Cayne's leadership, despite numerous opportunities. For instance, when Bear had the chance to buy asset manager Neuberger & Berman in 2001 for around $1 billion less than it eventually sold for, Cayne declined. Lehman Brothers then scooped up the respected money manager and its $64 billion of assets under management - now $277 billion - for $2.6 billion in 2003.

NEXT: Shareholders' losses
Last updated August 04 2008: 10:37 AM ET
Full story: Cayne's rise and fall Last summer he was worth $1.6 billion on paper. Then he nearly died and Bear Stearns collapsed. (more)
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Cayne was at a loss All his usual instincts eluded him during the crisis preceding the firm's collapse. (more)video

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