James Cayne

Bear Stearns chairman James Cayne was in Detroit at the start of the weekend that saw the tanking of his venerable investment bank. Why? Mr. Cayne was competing in the North American Bridge Championship, according to reports.

Also last week, as the perfect storm gathered, Mr. Cayne closed on a $25 million condo at the revamped Plaza.

James Cayne, the recently resigned chief (but still chairman) of Bear Stearns, has bought a $25.8 million condo at the Plaza, according to city records.

It's been a rough year for Mr. Cayne, who left the embattled firm under a haze of recrimination following the collapse of two of its hedge funds that resulted in a $700 billion third quarter writedown in 2007 and a federal investigation. Perhaps his new 14th-floor pad will cheer Mr. Cayne up.