Good Day, Bad Day
Cutting loose, new beginnings
GOOD DAY FOR: Cutting loose, after Bear Stearns Chairman James Cayne and his wife sold their entire stake in the troubled investment bank for $61 million this week. A year ago, their shares were worth more than $1 billion. Cayne started working at Bear Stearns in 1969; he is not expected to join the board of JPMorgan when it formally takes over his bank. (The New York Times, free registration)
BAD DAY FOR: New beginnings, after British Airways had to cancel about a fifth of the flights at its new Terminal 5 in London’s Heathrow airport, in the second day of the terminal’s chaotic opening. The $8.6 billion-terminal, which took 20 years to plan and build, is supposed to ease British Airways’ crowding and baggage-handling complaints. (Bloomberg)
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