DealBreaker’s out with excerpts from the latest book detailing the failure of Bear Stearns and I must say, Chairman Jimmy Cayne’s pot smoking doesn’t seem to have helped things along. I’ll tell you this: if I were one of those hard working BS schnooks who went home on a Friday with $5 million locked up in my company’s stock and woke up Sunday to discover I was penniless, I’d be pee-ohed. And if I then learned that the guy running the ship had been indulging while on the bridge, I might go ask Cobra for the loan of a gun.
As everyone on the planet knows, Jimmy Cayne loves to get high. For some reason, however, he routinely downplays or outright denies any drug use, even though weed has done so much for him. First off, due to its mind clearing properties, Cayne has come up with some of his best ideas while stoned, which Wall Street Marijuana and Cough Syrup Expert Charlie Gasparino details in his new book, The Sell-Out. Coupla things JC came up with while he was “thinking straight,” which the ex-CEO has never been given adequate credit for are 1) to refer to Goldman as “Goldman Sucks” (which seems like such an obvious nickname but took several hits on the grav-bong to put in rotation) and 2) to bring down an 85 year-old institution for shits and giggles.
Second, Bear Stearns would not have soared to the heights it did (pre-crashing to the ground a burning fiery explosion) if it weren’t for the fact that Cayne regularly brought deals home by offering people some of his stash, which he claimed was the best on the Street and no one could resist, not even “a Jew.” From The Sell-Out: