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Can Jimmy Cayne Afford Retirement?
http://www.contentmatters.info/ content_matters/ 2008/ 03/ can-jimmy-cayne.html
This morning's NY Times noted that Bear Stearns Chairman Jimmy Cayne has sold all of his holdings for a paltry $61 million, down about a billion from what it was worth at the $171 peak last year. Like most of you, that made me wonder if Jimmy would make it through this difficult period. Sure, $61 million is a lot of money for you and me, but Jimmy's lived a different lifestyle. So, I thought that it would be helpful to sketch out a retirement budget for him. The good news is that Jimmy Cayne held his shares for a long time. So, he should be paying taxes at the preferable 15% rate rather than 28% short-term rate.
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