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Everybody Wins

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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.”


Only Legacy That Former Bear Stearns Chief Cares About-- His Bridge Playing Legacy-- In Peril

Jimmy Cayne is devastated at the thought of having one of his bridge trophies taken away amid scandal.