After overseeing the destruction of 85-year old Bear Stearns (BSC), ex-CEO Alan Schwartz is reconsidering taking the personal lifeline tossed his way by JP Morgan (JPM), the NY Post says. If true, this is appropriate.
By most accounts, Schwartz is a topnotch investment banker who was blindsided by the Bear Stearns disaster. That said, he and other Bear managers are responsible for what happened and didn’t react quickly enough to save the firm, and contrary to the suggestion of former CEO Jimmy Cayne (who is probably more responsible than Schwartz), Bear’s demise wasn’t an act of God.
Schwartz shouldn’t–and won’t–spend the rest of his life sobbing in the corner, but with 7,500 of his former charges out on the street, taking a senior job at JP Morgan doesn’t seem quite right. So we’re not surprised to hear that he (or they) are reconsidering it.
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