Bear Stearns Ousts a Top Executive

The crisis in the credit markets finally reached the executive suite of Wall Street firms last week, and the victim was an unexpected one: Warren J. Spector, a co-president at Bear Stearns who some had thought could become the firm’s next chief executive.

Wednesday, the firm’s chief executive, James E. Cayne, called Mr. Spector into his spacious office on the sixth floor of the Bear Stearns building on Madison Avenue. Sitting behind his half-moon desk surrounded by computer terminals, Mr. Cayne told Mr. Spector that he wanted his resignation.

Read Full Article from New York Times

- Posted: 2007-08-06 09:20:43

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