In a shocking deal to save Bear Stearns, JPMorgan Chase agreed to pay a mere $2 a share to buy all of Bear - less than one-tenth the company's market price Friday.

By Landon Thomas Jr. James Cayne, the embattled chief executive of Bear Stearns, will step down after the deepest losses in the firm's history, according to people who have been briefed on the situation. Cayne, who will remain chairman, will be succeeded by Alan Schwartz, who is now president.

By Greg Farrell NEW YORK -- It took a few months, but the subprime mortgage meltdown finally claimed another victim late Tuesday when Bear Stearns CEO James "Jimmy" Cayne announced his retirement. Cayne, 73, will remain non-executive chairman of the firm, in which he owns a stake of almost 5%.

James Cayne, Bear Stearns' chairman and chief executive under fire after the firm was scorched by the sour mortgage market, reportedly will step down as CEO.