Jimmy Cayne Declares Victory Over WSJ

Cayne, on CNBC, via


"It’s unbelievable. The phones are ringing off the hook, and everyone

wants to play golf with me now."

I’m glad it seems to have worked out this way. There are good reasons for a

CEO to be ousted and there are bad reasons, and if Cayne fell as a result of

the WSJ

story, that would definitely be a bad reason. The fetish of the hard-working

CEO, where your quality as a leader is judged by the number of all-nighters

you pull, is idiotic and deserves to die. Let’s just hope that Cayne himself

remembers that, next time he’s minded to fire someone for being "away from

the office" during a period of crisis.

Oh, and the pot smoking? A clear miscalculation by the WSJ. In a country where

Barack Obama’s admission of cocaine use has done no

damage at all to his prospects of becoming president, an unproven allegation

that a banker occasionally smokes a joint is going to have no repercussions

at all, beyond making the journalist look sleazy.

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