This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bear Stearns Co-President Resigns

Bear Stearns (BSC) said Sunday that Co-President and Co-Chief Operating Officer Warren Spector has resigned following the meltdown of two of its hedge funds.

As part of a management overhaul, Alan Schwartz, who had been sharing duties with Spector, will become the company's sole president. Chief Financial Officer Sam Molinaro will assume the additional title of chief operating officer, Bear said.

In addition, Jeffrey Mayer, co-head of the fixed income division, was named to the Wall Street bank's executive committee.

Spector, who also resigned as a Bear board member, had overseen the asset management division that housed the two hedge funds that fell apart earlier this summer after making big bets on the subprime mortgage market.

"In light of the recent events concerning BSAM's (Bear Stearns Asset Management's) High Grade and Enhanced Leverage funds, we have determined to make changes in our leadership structure," said Chairman and CEO James Cayne in a statement. "These promotions reflect and acknowledge the depth of talent in our senior management team."

On Friday, Standard & Poor's cut the outlook on Bear's credit rating to negative from stable. The bank held a conference call to address the cut, during which Molinaro told listeners that the credit market is about as bad as he has seen it in two decades. That sent Bear shares sliding 6% on the day, and contributed to a broader selloff in the market.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $126.60 0.94%
FB $86.91 1.34%
GOOG $521.84 0.26%
TSLA $269.15 0.33%
YHOO $39.33 0.10%

Markets

DOW 17,757.91 +138.40 0.79%
S&P 500 2,077.42 +14.31 0.69%
NASDAQ 5,013.1230 +26.2560 0.53%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs