James Cayne, Chairman of Bear Stearns, bought a condo in the Plaza this week for $26.5 Million. This added to another condo he had previously bought on the same floor for $2.6 million.
Of course anyone can buy anything they want if they can pay for it, but when the purchase comes the same week as the company he has run for many years loses half its value, with shareholders losing many billions of dollars, poor perceptions are created.
The Fed stepped in with a bailout plan to cut off a spreading financial crisis and a panic in the stock market ensued.
To say that this is emblematic of the dichotomy that exists in our society and big business, would be an understatement.
We can be sure that Mr. Cayne won't lose any sleep over this. It's not as if he found out he overpaid for his condos.