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Yesterday, Bear Stearns CEO James E. Cayne resigned his post as head of the embattled investment bank, joining several other top executives at firms such as UBS, Citi and Merrill who&#39;ve been forced to step down in the midst of the mortgage crisis. &lt;p&gt;Bear, which recorded $1.9 billion in subprime-related charges in 2007 (Cayne called the losses a &quot;body blow of massive proportions&quot;) and booked its first quarterly loss ever during last year&#39;s fourth quarter, has been at the center of the mortgage mess ever since two of its hedge funds collapsed last sunner, causing $1.5 billion in investor losses. Subsequently, while his firm was trying to weather the biggest storm in its 84-year history, Cayne came under fire for his conspicous absences, including cruising out of town to compete in bridge tournaments and taking Fridays off to play a round of 18 near his summer home. Not to mention other alledged habits that came to light when the &lt;em&gt;Wall Street Journal&lt;/em&gt; ran a piece on Cayne last November. &lt;p&gt;Taking over the Bear helm is Alan D. Schwartz, the former president of the bank who&#39;s been with Bear since 1976. Schwartz, 57, is much younger than Cayne, 73, and according to the &lt;em&gt;New York Times&lt;/em&gt;, &quot;While [Schwartz] may not have any direct experience with Bear&amp;#8217;s giant bond business, his youth and ability to charm top corporate clients provide a stark contrast to Mr. Cayne, who travels infrequently and is not known to spend large amounts of time courting clients.&quot; Cayne will remain a nonexecutive chairman at Bear.&lt;/p&gt;

Derek Loosvelt

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