Former Bear Stearns CEO closes on Plaza condo for $25 million

James Cayne, who just resigned as CEO of Bear Stearns, has closed on a condo at The Plaza for $25.06 million, according to city records posted today. Cayne stepped down after the mortgage crisis forced two Bear Stearns hedge funds into bankruptcy, costing investors about $1.5 billion. The Wall Street Journal reported that Cayne played bridge and golf and stayed out of touch during the critical periods of the credit crisis last year, which Cayne denied. In 2006, Cayne ranked No. 354 on Forbes magazine’s list of the richest Americans. TRD