When the Federal Reserve agreed a non-recourse “loan” to JP Morgan of $30bn to do the supposedly otherwise undoable Bear Stearns deal many financial observers must have wondered why. Why, if JP Morgan was prepared to assume Bear’s balance sheet liabilities of 2 and a half times that amount. A normally calm and lucid John Hussman covered the ground earlier this week in a piece laced with indignation.

Now, a few minutes ago, this James Cayne stock sale breaks on the news wires. Do not blame the man for comporting himself rationally. But do wonder if central banks are buying a fabulously woven it's-the-end-of-the-world head-fake. As opposed to truly being privy to information indicating the sticky end of the financial system as we know it.

In the meantime, please consider the purchase of this soon to be released self-help video from Mr Cayne showing how to get out of a tight corner with a little friendly help. Name those other actors assisting at your leisure (and who is that cast in the role of the female lead?)

NB: For the avoidance of doubt (the resemblance is unCayney) the male lead is, of course, Harold Lloyd in the aptly named Safety Last (1923).

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