The CEO of US investment bank Bear Stearns, Insight Central Europe News ...
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Buffett sells PetroChina shares ... James Cayne, has said he will resign his position amid huge losses over the sub-prime mortgage crisis.
Mr Cayne will stay on as chairman of the fifth-largest US investment bank.
The bank had to write down $1.9bn (Ј0.96bn) worth of investments during the fourth quarter - its first loss since it was founded in 1923.
Alan Schwartz, Bear Stearns's president, is to take over as CEO with Mr Cayne acting as his adviser.
Bear Stearns has been at the centre of the mortgage debt crisis, which emerged after two of its hedge funds collapsed.
James Cayne joined the bank in 1969 and was its chief executive from 1993.
Last year, the chief executives of Citigroup and Merrill Lynch were dismissed after the Wall Street firms reported huge losses from sub-prime lending.
Sub-prime loans are offered to those with poor credit records or unpredictable incomes.
(BBC)
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