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Posts Tagged ‘Warren Spector’

Ace Greenberg on Jimmy Cayne: “Dope-Smoking Megalomaniac”

Posted by Larry Doyle on June 22nd, 2010 4:22 PM |

Having worked at Bear Stearns for seven years, I have a keen interest in the behind the scenes stories and personalities leading to the ultimate demise of this once proud firm.

Last summer, I reviewed William Cohan’s book, House of Cards, which details Bear’s demise. In my commentary, I wrote the following about Jimmy Cayne:

Longstanding CEO Jimmy Cayne displays a hardened, street-smart approach throughout the book. At times of stress, however, Cayne showed himself to be a classless individual. I remember this well.

My description of Cayne was more than gracious compared to that provided by former Bear CEO Alan “Ace” Greenberg in his recently released book, The Rise and Fall of Bear Stearns.>>>>> (more…)

FCIC Should Ask Bear Stearns Execs About EMC Mortgage

Posted by Larry Doyle on May 5th, 2010 12:04 PM |

Will America ever truly learn the full extent of fraudulently underwritten mortgages that lie at the foundation of our overall economic crisis?

Aside from a less than fully transparent hearing with executives from Washington Mutual, the Financial Crisis Inquiry Commission (FCIC) has not drilled down to fully expose the fraud within these mortgages. Former bank regulator William K. Black recently highlighted the pervasive nature of this fraud in an interview with Bill Moyers.

Why doesn’t the FCIC dig deeper to reveal which firms were involved with this activity? (more…)

Lessons from Bear Stearns

Posted by Larry Doyle on March 16th, 2009 10:37 AM |

It was one year ago that the Federal Reserve and Treasury delivered Bear Stearns into the hands of JP Morgan for $2 a share. Bear Stearns stock had traded above $170 a share in 2006. With the passage of time, what are some of the lessons learned and what questions remain unanswered.

1. Although Bear Stearns employees and shareholders may not qualify a price of $2 a share (revised to $10 a few weeks later) as being saved, would the financial system have been better off letting Bear totally fail? Why? If Bear had failed, many people do not believe we would have had the breakdowns in our financial systems that occurred because of Lehman’s failure.

2. Did Dick Fuld, CEO of Lehman, assume that the Fed and Treasury would save Lehman much as they did Bear? Was he less aggressive in pursuing increased capital injections during the Summer 2008 as a result? Many people believe this to be the case. (more…)

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