The Welfare King of the 21st Century

Dean Baker, writing for Truthout, says: "If the welfare queen is dead, then it's time to say, 'Long live the welfare king.' This person really exists, his name is James E. Cayne, and taxpayers just handed him almost $50 million. Mr. Cayne got this gift when J.P. Morgan renegotiated the terms of its takeover of Bear Stearns. The buying price went up fivefold, fetching Bear Stearn's stockholders $1.2 billion instead of the $236 million in the agreement brokered by the Fed last week."

http://www.truthout.org/docs_2006/033108A.shtml



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