Bear Stearns chairman sells stake

The chairman of beleaguered US investment bank, Bear Stearns, has sold his entire stake in the firm as a takeover by JP Morgan Chase looms.

James Cayne received $61m (£31m) for his holding which at one stage was worth close to $1bn.

News of Mr Cayne's move - revealed after Thursday trading - pushed Bear's share price down by about 5%.