Posted AT 11:32 AM EST on 28/03/08
Bear Stearns shares fall as chairman sells stock
NEW YORK — Bear Stearns Cos. shares fell nearly 5 per cent on Friday after Chairman James Cayne, who was seen as opposing JPMorgan Chase & Co.'s acquisition of the investment bank, sold his stock.
“It is symbolic that he's selling,” said David Dreman, chief investment officer of Dreman Value Management LLC, a New Jersey based fund manager that has over $18-billion (U.S.) under management.
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