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Posted AT 2:21 PM EST on 29/05/08

Bear Stearns marks end of an era

MADLEN READ AND JOE BEL BRUNO

Reuters and The Associated Press

NEW YORK — Bear Stearns Cos. Inc. Chairman James Cayne told employees and investors Thursday he was sorry for the demise of the 85-year-old investment bank as shareholders voted to sell the company to JPMorgan Chase & Co. for less than $10 (U.S.) a share. In a short meeting at Bear's Manhattan headquarters, Mr. Cayne apologized and said a “hurricane” in the markets brought down the bank, according to attendees.

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