Bear Stearns CEO to resign

Bear Stearns CEO James Cayne will step down from his position after suffering through the firm’s greatest losses ever, joining the ranks of other top-level Wall Street executives ousted recently after billions of dollars in losses on mortgage investments. The firm saw two of its hedge funds collapse this summer, resulting in $1.5 billion in investor losses, and reported its first-ever quarterly loss in the fourth quarter. Cayne will remain with the company as chairman and will be succeeded by current president Alan Schwartz.