Playing the bankruptcy card
A two dollar bill is taped to the revolving door leading to the Bear Stearns headquarters after J.P. Morgan offered to buy Bear Stearns for $2 a share.
On Sunday morning, while the J.P. Morgan deal was being worked out, Cayne went out to breakfast at the Jackson Hole diner, at 91st Street and Madison Avenue, for a couple of eggs with Vincent Tese, the billionaire chairman of Wireless Cable International and the lead independent director on Bear's board. The two had a frank discussion about the ramifications of what Cayne called playing the "nuclear card" - threatening to file for bankruptcy.
NEXT: Approving the J.P. Morgan deal
Last updated August 04 2008: 10:37 AM ET
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