Very exciting news for Warren Spector, the former Bear Stearns president who, in an awesome game of “I’m standing in a room full of crazy people,” got fired last August* for taking too many days off from work to play bridge, by Mr. Out of the Office himself, Jim Cayne. Following a change in the company’s deferred compensation plan in 2004, Spector apparently sold $382 million of his stock, and as of last March, only had a stake of about 0.06 percent, unlike Cayne, who owns about 5 percent of the company, and recently saw his munchies fund go from about $1 billion last year to $12 million today. But don’t go feeling sorry for Jimmy yet—he apparently outperformed Spector at a bridge tournament in Detroit over the weekend, coming in 65th place to Warren’s 146th. And as everyone who tried in vain get in contact with Cayne to discuss the small matter of an 85 year old company going to shit knows, that’s all that matters.
Earlier: There Can Only Be ONE Bear Stearns Executive Who Is Never At The Office!
As Bear Stearns Implodes, Spector Keeps $382 Million [Bloomberg]
*Excuse me, “encouraged to resign.”
Posted by rabid , Mar 19, 2008 2:33PM
Nobody's mentioned this connection yet...
Despite not possessing any connections or a college degree, Gardner, who
wanted to be a stockbroker, managed to earn a place in the Dean Witter
Reynold's training program and was offered a position there in 1981. Gardner
spent time at Bear Stearns & Co. from 1983 to 1987, eventually becoming the
top earner in San Francisco and later in New York. Gardner left in 1987 to
establish Gardner Rich & Company, Inc., which has since expanded into
Christopher Gardner International Holdings. Gardner's bestselling
autobiography, The Pursuit of Happyness, recalls this remarkable journey and
is also the inspiration behind the movie starring Will Smith.
Posted by guest , Mar 19, 2008 2:38PM
I am sorry, but who the *fuck* plays Bridge???
Posted by BruceWayne , Mar 19, 2008 2:42PM
There might be a reason why that "connection" was missed. Maybe it is because he left 21 years ago?
If you want to pull Bear alums out your ass how about the she-male fucker, Jeffrey Epstein? Or the guy that played in Swingers with Vince Vaughn?
Posted by guest , Mar 19, 2008 2:52PM
Another Bear alum: the guy known as "Sir", who was a Bear partner into gay S&M that got busted in the early 90s for taking it way too far one night and after having his description posted all over the upper east side ("Seeking information on an investment banker...").
Posted by guest , Mar 19, 2008 3:15PM
Someone asked Jimmy Cayne after his recent bridge tournament, "How do you make 12 million on Wall St? Jimmy sez, "Work there all your life and accumulate a billion in BSC stock."
Posted by guest , Mar 19, 2008 3:17PM
@ 2:38.
A lot of billionares and ex-billionares. Thus i should play bridge so i become a billionare.
Posted by guest , Mar 19, 2008 3:30PM
Hey fellas,
Does anyone know if Taleb's hedge fund is putting up big numbers with things the way they are.... What are the main sectors he has built those short positions?
Secondly, did Ackman cover his shorts yet? Haven't heard any reports on this.
Thanks.
-Rozziesquare
Posted by Lowly Assistant , Mar 19, 2008 3:31PM
What a fucking pain in the ass...schlepping the infamous moon chair and black lights out of 383. 'Tis a shame, and a hassle.
Posted by guest , Mar 19, 2008 3:41PM
you people are quite the bunch of yentas.
Posted by guest , Mar 19, 2008 5:07PM
2:52 - he is free and keeping a low profile, judging by the last Google search I did for him a few years ago.
Good guy to work with. As was Spector, who now officially resides (per the acbl) in FL.
(Btw, Cayne and Versace were in 4th in that tournament going into either Friday or the weekend, and 26th going into the last day. So maybe all those calls with the Fed did affect his play.)
Posted by BruceWayne , Mar 19, 2008 5:49PM
@2:52
Elton John worked at Bear?
@5:07
Did Warren leave behind that huge place in the city? I think it is actually two brownstones together right? Someone needs to tell him I provide house sitting services.