When Bear Stearns went down for the dirt nap three years ago to the day (more on the anniversary later), many people assumed having the firm listed as a one-time employer on the résumé would be the equivalent of pulling a Merrill, i.e. it would make you categorically unemployable. Apparently these people had never heard of a guy named John Meriweather who, despite being forced to sign up investors for his latest fund down at the dog track, is proof positive that you can blow it or work for a place that (spectacularly) blows it and it will in no way affect your future prospects. According to Bloomberg and former BSC chairman Ace Greenberg, most Bear execs have “landed on their feet.”
Three years after the collapse of Bear Stearns Cos., which helped fuel the worst financial crisis since the Great Depression, former bond executives of the firm are running businesses at one-time rivals, including Bank of America and Goldman Sachs…Among the most highly placed members of the Bear Stearns diaspora are Michael B. Nierenberg, 48, who’s now in charge of Bank of America’s global mortgage and securitized-products business; Jeffrey L. Verschleiser, 41, who runs mortgage operations at Goldman Sachs; and Scott Eichel, 36, now Royal Bank of Scotland Plc’s global head of securitized products and U.S. credit trading…Nierenberg, who oversaw adjustable-rate debt at Bear Stearns, and Verschleiser, whose purview included subprime loans, were co-heads of the New York-based firm’s U.S. mortgage business until they were promoted in late 2007, when Eichel and another trader took the posts.
Other Bear Stearns bond executives landing at rival banks include its last co-heads of global fixed income, Jeffrey Mayer and Craig Overlander, both 51. Mayer now runs the North America region for the securities unit of Frankfurt-based Deutsche Bank AG (DBK), whose sales and trading revenue rose 30 percent last quarter while five big rivals posted an average 8 percent decline. Overlander is deputy chief executive officer of Societe Generale (GLE)’s investment-bank division for the Americas. Thomas Marano, 49, global head of mortgages, rates and foreign exchange at Bear Stearns, is now CEO of the mortgage unit of Ally Financial Inc., the auto and home lender rescued by the U.S. government. Randy Reiff, 40, Bear Stearns’s head of commercial-mortgage finance and commercial-mortgage securities, now holds a similar role at Australia’s Macquarie Group. Japan’s Mitsubishi UFJ Securities USA is relying on Bear Stearns alumni in corporate bonds, including James Gorman, its managing director of high-yield capital markets.
And for those of you thinking of citing the jobless Jimmy Cayne in a misguided attempt to debunk this theory, bite thy tongues. Cayne could get a job at any firm on Wall Street, he just prefers unemployment and has been working on a project that requires his undivided attention. Details TK.
Bear Stearns Thrives In Diaspora [Bloomberg]