Bear Stearns Chief Executive Gets $14.7 Million Bonus
Bear Stearns said it awarded Chief Executive James Cayne a stock bonus worth $14.7 million, continuing a record-breaking bonus season on Wall Street.
In a filing with the Securities and Exchange Commission, the New York investment bank said it gave Cayne 89,758 shares of Bear Stearns stock. Based on Thursday's closing price of $163.30, that award is worth $14.7 million.
Bear Stearns also granted Cayne options to buy up to 35,788 shares at $165.32. Cayne can't profit from the options until the stock price surpasses that price.
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Bear Stearns joins Goldman Sachs Group and Morgan Stanley as Wall Street banks announcing big bonuses. Morgan Stanley's CEO John Mack set a record last week with a $40 million bonus in stock and options. The record was soon broken by Goldman Sachs CEO Lloyd Blankfein, who received a $53.4 million bonus in cash, stock and options.
