Two Bear Executives Land Top Jobs At Banks

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Two former executives at Bear Stearns have landed top positions at two very different banks. Michael Solender, who was Bear's general counsel, has been hired by Washington Mutual as chief legal officer. He was one of a number of Bear executives who sold a number of shares in December, three months before the firm cratered. His shares were sold for around $89 per share, well above the $10 shareholders received for each share when Bear was acquired by JP Morgan Chase.
Modern Bank, a New York private bank catering to the wealthy, has named Jeff Lane as its chief executive. A money manager who briefly served head of Bear's asset-management unit, the sixty-six year old Lane was hired by Bear in June 2007 to replace Richard Marin after two hedge funds managed by Bear collapsed. Lane had previously been CEO of Neuberger Berman until 2003, when Lehman Brothers bought the mutual fund company. At Lehman he was a vice chairman but after Lehman hired George Walker, President George Bush's second cousin, in May 2006 as head of asset management, including the Neuberger Berman business, Lane was thought to have felt sidelined.
Ex-Bear Stearns GC Resurfaces at Lender WaMu [Law.com]
Modern Bank names former Bear exec as CEO [Wall Street Journal]

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