Jimmy Cayne, a one-time travelling salesman who became a paper billionaire last year as chief executive of Bear Stearns, has sold his entire stake in the investment bank for a little more than $61m (£30m).

According to a filing with the Securities and Exchange Commission, Mr Cayne sold 5.6m Bear shares for $10.84 each on Tuesday, a day after JPMorgan Chase agreed to raise its bid for the stricken investment bank fivefold to $10 a share. Mr Cayne's wife, Patricia, sold 45,669 shares at the same price.