The financial crisis of 2008 was a result of the downfall of James "Jimmy" Cayne, the Wall Street CEO who led investment bank Bear Stearns during its rise and ultimate fall.
According to a report, Cayne died after suffering a stroke.
One of the most colorful figures in the financial world, Cayne rose from broker to president and then CEO at Bear Stearns, which he helped shape as a major player in the financial and deal-making world. He was a world-class bridge player and sponsor, and his teams won multiple North American championships.
His legacy was tied to both endeavors.
He was the president and CEO of Bear for more than 20 years, stepping down from the institution that had been in business since the turn of the 20th century. The investment bank went out of business because it gambled on risky loans that would hurt the balance sheets of some of the biggest names in finance.
The merger of Bear Stearns with JP Morgan Chase in March 2008 was a bargain at $2 a share, but it was still a steep fall for one of the Street's most venerated names.
The collapse was the beginning of a domino effect. The failure of Lehman Brothers was the biggest to happen in the economy since the Great Depression, but multiple other major names went down or needed to be rescued as part of the worst economic downturn since the Great Depression.
Cayne was forced out of his role as CEO in January 2008 after the firm recorded its first quarterly loss.
During the crisis, Cayne was faulted for playing bridge as the deal was being negotiated, even though he was still a company official.
Cayne faded from view in the financial world after Bear's demise. He leaves behind his wife, two daughters and seven grandchildren.
