Bear Stearns alums

  • 25 Jul 2014 at 4:28 PM

Ace Greenberg Once Made Paper Clips Disappear

“I was just shown the results for our first quarter. They were excellent. When mortals go through a prosperous period, it seems to be human nature for expenses to balloon. We are going to be the exception. I have just informed the purchasing department that they should no longer purchase paper clips. All of us receive documents every day with paper clips on them. If we save these paper clips, not only will we have enough for our own use, but we will also, in a short time, be awash in the little critters. Periodically, we will collect excess paper clips and sell them (since the cost to us is zero the Arbitrage Department tells me the return on capital will be above average). This action may seem a little petty, but anything we can do to make our people conscious of expenses is worthwhile…Bear Stearns is probably going to sell stock to the public, and there is one guarantee that I would like to give the potential buyers of our stock – they are going to get the fairest shake from us that management can give any public shareholder. This place is going to be run tight, and the reasons are not all altruistic. We are not going public for the perks. We are going public for a number of reasons, and one is that we want the stock to appreciate.” [BI, earlier]

As you’ve probably heard by now, Alan “Ace” Greenberg, former Chairman and CEO of Bear Stearns, who was later named “vice chairman emeritus” of JP Morgan, died today at the age of 86. While he paid the bills with his finance gig, his true passion was magic. On this day, let us remember some favorite facts about Greenberg, vis-à-vis his time on the magic circuit. Read more »

Want to make a difference in the life of an economically disadvantaged ex-bank chief? As some of you may recall, the collapse of Bear Stearns in March 2008 made a serious dent in former Chairman and CEO Jimmy Cayne’s net worth, shrinking $1 billion and leaving him with a net worth of mere millions. For a boy who was once in a position to buy anything his heart desired (90210 Kush, Grand Daddy Purple, Blueberry YumYum, Alaskan Thunderfuck, Lavender Hash, Northern Lights #5), it’s meant a seismic change in Cayne’s lifestyle. For example, JC can no longer justify the cost of the 10-week sleepaway bridge camp he’s attended every summer for the last 18 years. That’s where you come in. Read more »

Perhaps, some of you thought, that as he pushes 90, former Bear Stearns Chairman and CEO Alan “Ace” Greenberg would slow down a bit, as people his age tend to do. Retiring from his job at JPMorgan seemed unlikely– he’s only 85, after all– but maybe he’d dial back his time on the magic circuit. Perform old tricks for colleagues, strangers, and friends, rather than new. Just generally not stay up to date on the latest trends in magicianry. Luckily, these baseless assumptions could not be further from the truth. In fact, Ace is sharper than ever, routinely humiliating those half (and even one-sixth) his age while teaching them the ropes in an alley behind JPM HQ. How does he do it? By keeping himself engaged with the upper echelons of the magic community, for whom he hosts a regular salon d’enchantment each month. Read more »

Roberta “RC” Saint Amour is a Bear Stearns alum, winner of the 112th Wellesley College “Hoop Rolling” Competition, honorary member of the first inaugural Ladies of Investor Relations list, and a girl with a dream. That dream? Winning the new season of Survivor: The Phillipines. Starting tomorrow, viewers can watch her go head to head with former San Francisco Giants second baseman Jeff Kent and the actress who played Blair on Facts of Life and while RC believes her time on Wall Street has prepared her well (“If I know how to play with the big boys of Wall Street, I can certainly play with the little boys in the Survivor sandbox,”she says), the $1 million prize is not necessarily in the bag. And on the off chance she doesn’t emerge victorious, she’ll be looking to one of you for gainful employment, as the management at Landmark Ventures was apparently not interested in coming along for the ride. Read more »

  • 24 Feb 2012 at 6:24 PM

UBS Hitches Its Wagon To Bear Stearns Alum’s Star

Princes of Bear Stearns, kings of Lehman Brothers– have you attempted to gain new employment in the last several years only to encounter prejudice among people who learn of your past? Is pounding the pavement with Bear and Lehman on your resumes not unlike being forced to knock on the doors of your new neighbors and let them know about your registration on a certain list of individuals? Take heart– one investment bank would like to let it be known that while you may have an asterisk next to your name, it believes in second chances. Read more »