International Herald Tribune- James Cayne and John Mack have a lot in common. The chiefs of Bear Stearns and Morgan Stanley have presided over announcements of steep losses this week and forgonebonuses.
And, despite a year that they would certainly admit to being among the worst in their firm’s long histories, both are holding tight to their perches of power.
Cayne, who is 74, has rebuffed any suggestion that he cede his chief executive title, even as Bear Stearns, battered by $1.9 billion from subprime-linked charges, reported its worst quarter ever Thursday.
Mack, 63, who pushed his traders to take the kind of risks that eventually led to $11 billion in losses, has persuaded his board for now that he is still the person to lead Morgan Stanley.
