In Bear Stearns Settlement, Execs Won’t Pay A Penny Of The $275M Fine
by J. J. Kellington on June 8, 2012
Yesterday the Wall Street Job Report pointed out how very convenient it is for the executives of Bear Stearns that their lawsuit was resolved over 4 years after it was filed, after public outcry has died down to a trickle.
Today, the Wall Street Journal reports that Mr. Cayne, a former CEO, and Mr. Greenberg, who was Mr. Cayne’s mentor and predecessor, and the other former top executives named in the lawsuit won’t have to pay any of the settlement.
Instead, the fine will be paid from a $9bn litigation fund set aside by JPMorgan Chase.
Bear Stearns Accord Turns Another Page
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