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.