Bear Stearns 'Tokin' CEO

Those of you who are fortunate enough not to know what a CDO, CDO squared, or CDO cubed is may have missed the hilarious Wall Street Journal front page story that inventoried the transgressions of Bear Stearns beleaguered and beloved CEO, Jimmy Cayne. Weekday afternoons playing golf instead of managing risk. Ditching crisis management meetings for bridge tournaments. YAWN. Sounds like usual senior executive self-indulgence. But wait, what's this? In addition to being an avid golfer and bridge player, he was an avid dope smoker? (Thew NewsCorp influence on the Journal is already shining through.) For more on this developing story, check out this irreverent satirical editorial allegedly penned by Stephen Schwarzman (CEO of Blackstone, the private equity giant).