Alan Greenberg's Big Gift

Posted by Bess Levin, Apr 28, 2008, 10:30am

We went on record the other day saying that we try and stay away from making fun of charitable donations of any kind. And, damn it, UBS woman who boxed us into the corner, we’re sticking to it. Just know that we’re grappling with a banging our head against the desk level of frustration here, k? K. Former Bear Stearns chairman and chief executive Alan “Ace” Greenberg announced that he will be gifting twenty five longtime workers of the late firm with $360,000 of his own money. Once a month, for the next six years, the former employees will receive $200 each.


Gift to the Mailroom, From the Boardroom [NYT]

2Recommend this! 17Comments

Tags: Ace Greenberg, Bear Stearns

Comments

Posted by guest, Apr 28, 2008 10:48AM

Barron's (I know, its Barrons, read only by altakakers from Boca...) reported on his doctoral thesis. Anyone read it??

Posted by guest, Apr 28, 2008 10:50AM

Ace Greenberg is a class act. Jimmy Cayne, not so much.

Posted by guest, Apr 28, 2008 10:50AM

I'll do it..

200 a week .. ffs if you arent gonna dignify them with a real gift, why do it at all...

"Mr. Greenberg, who has sold over $30 million in Bear stock since early 2007, presented the gifts in a letter to the 25 workers last week."


Posted by guest, Apr 28, 2008 10:59AM

pathetic...
$200/month "a class act"?
10:50 AM: what are you on?

Posted by guest, Apr 28, 2008 11:03AM

@10:59 - unless you've given away more than $360,000 recently, you can STFU.

Posted by JorgeCad, Apr 28, 2008 11:09AM

@1103. Right on mate. Well said.

Posted by guest, Apr 28, 2008 11:12AM

Ace gave away a million dollars worth of Viagra some time back according to Google news. Ergo, to wit and vis"....getting a boner is more important than earning. But, we know that already.

Posted by guest, Apr 28, 2008 11:38AM

@11:03: have you ever worked in banking as a banker?

Posted by guest, Apr 28, 2008 11:44AM

I saw these people every day.

For him to donate $300K out of $30 million is a joke.....

Ace you are scum.

Posted by Investorcluzo, Apr 28, 2008 11:58AM

@10:48 - the barrons piece was on "greenspan" not "greenberg". it was much ado about nothing...basically said that old al cut and pasted a bunch of previously written articles with his own original intro where he called the housing bubble of that time (which is apparently how they did it back in the day). because he had a legit job (council of economic advisors) before going back to complete the degree, his minions did most of the work – thus, even though they say it wasn’t a defacto honorary degree, you can read between the lines...the end.

Posted by guest, Apr 28, 2008 12:14PM

To any of you that think the gift is too small - - it is obvious that Ace is simply trying to give these poor avoid paying a gift tax. You can give anyone $12K without eating into your lifetime exemption; by agreeing to give future dollars of $200 x 12 mos x 6 years, it is future value of $14.4K (I guess his accountants told him you can discount that, or else the exclusion has gone up)....

Having worked at Bear, I know the recipients are "challenged" (or whatever the proper PC term is for slightly mentally/socially impaired), so all you whiners STFU about this generous act.

Posted by guest, Apr 28, 2008 12:28PM

actually, you can give them $12,000 PER YEAR. Not over their lifetime. So its a gift, yes, but could have been more generous.

Posted by guest, Apr 28, 2008 12:41PM

Let them eat cheesesteak.

Posted by guest, Apr 28, 2008 1:04PM

Mmmm, at the current inflation rates, that's FORTY $5/pop processed-cheese Phyllies per month! YYummm!!!
I challenge anyone not to become "challenged" after such generosity!

Posted by guest, Apr 28, 2008 1:10PM

Uh at the current inflation rates?

At the current PRICE it is forty. At the current inflation rates six years from now it is way less than forty.

Sheesh.

Posted by guest, Apr 28, 2008 2:04PM

Class act, Mr. Greenberg. Not so much Mr. Jaime Dimon, who's apparently shutting down this award winning program.
http://www.nypost.com/seven/04072008/business/equal_opportunity_firings_at_bear_105426.htm

Jobs are scarce on the Street. Jobs are even more scarce for the disabled... anywhere.

I hope Jaime wakes up and helps these people find new jobs. After all, doesn't JPM make all of their employees sit though endless diversity seminars? Talk about hypocrisy...

Posted by guest, Apr 28, 2008 3:21PM

They're probably better off panhandling than working at JPM. Work your own hours, no taxes, etc.........

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