How Jimmy Cayne Got Hired at Bear, Stearns

One theme that dominated the culture of Bear, Stearns (the failed banking house) was bridge--i.e., the card game. Which perhaps explains why, true or not, they would repeat a story like this:

['Ace'] Greenberg [the commanding presence at Bear Stearns] happened to interview Jimmy Cayne, then a thirty-five year-old municipal bond salesman. ... [T]here seemed to be no connection between the two men, but in an effort to make a little small talk, Greenberg asked Cayne if he had any hobbies.

When Cayne told Greenberg he played bridge, 'you could see the electric light bulb,' Cayne recalled. 'He says, "How well do you play? I said, "I play quite well." He says, "You don't understand." I said, "Yeah, I do. I understand. Mr. Greenberg, if you study bridge the rest of your life, if you play with the best partners and you achieve your potential, you will never play bridge like I play bridge."'

William D. Cohan, House of Cards (2009

If you knew anything about Bear, Stearns, you would not be surprised to learn tht Greenberg hired him on the spot. Cayne, of course, rose to the top of the firm, presided over its legenday growth and the beginnings of its percipitous collapse. Perhaps also not surprisingly, he spent the last calamitous days of Bear Stearns Detroit, playing bridge.

Afterthought: House of Cards. Oh, now I get it.