Bear Stearns Imploded Five Years Ago This Week — Here's Where Everyone Went

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Five years ago this week, the world watched the spectacular implosion of Bear Stearns and its sale to JP Morgan for $10 a share.

I was almost sold for $2 a share, collapsing under the weight of loads of bad securities.

It seemed horrible at the time, but Wall Street would soon find out that it was only the beginning. Bear’s sale was soon trumped by the Street’s “Lehman Moment,” in the fall of 2008, and the global financial crisis that followed.

Since then, Bear Stearns has been a bit of an afterthought, but the people that ran it are still around. A lot of them are still working on the Street.

Here’s what they’ve all been doing.

Carrie Hodjnicki also contributed to the reporting of this story.

Warren Spector, Co-President

Spector was forced out of Bear Stearns in 2007, after two of the firm's internal hedge funds collapsed.

From what we can tell, Spector has steered clear of financial services, instead trying his hand at film. According to the Wall Street Journal, Spector co-founded a small production company Tashtego Films.

He serves as the company's executive producer and has held this role in a variety of projects including A Bird of The Air and Full Battle Rattle.

According to the Tashtego's website, Spector also serves as Chairman of the Board of Trustees at The Public Theatre. He was also key in the fundraising efforts for a 'debt-free' hospital on Martha's Vineyard.


Craig Overlander, Co-Head of Fixed Income

After a quick stint at JP Morgan after the merger, Overlander went to Wachovia as Managing Director and Global Head of Fixed Income.

He's now the CEO of Societe Generale Americas, CNBC reports.

Not too shabby, eh?


Jeffrey Mayer, Co-Head of Fixed Income

According to the Financial Times, Mayer turned down a $27 million offer to join JPMorgan after its merger with Bear Stearns and instead went to UBS as global joint head of Fixed Income.

In 2010, Mayer moved to Deutsche Bank, where he became Head of Global Markets for North America, reporting directly to Anshu Jain.


Michael Alix, Chief Risk Officer

The former Bear Stearns risk chairman was picked up by the Federal Reserve Bank of New York shortly after Bear Stearns' collapse and now serves as Senior Vice President of the Bank Supervision Group.

If you don't believe us, check out his LinkedIn profile.

Source: Federal Reserve Bank of New York

Tom Marano, Global Head of Mortgage and Asset Backed Securities

After holding a similar title at private equity firm Ceberus Capital Management, Marano moved to Residential Capital, LLC as its CEO.

As of FY 2011, his annual compensation was $8,034,899, Businessweek reports.

He recently testified in front of The House Financial Services Subcommittee for Mortgage Services and Foreclosure Practices.


Josh Weintraub, Senior Managing Director of Global Mortgage Operations

Weintraub followed Marano to Cerberus Capital, where he is now a Senior Managing Director and Head of RMBS Securities and Trading, according to CNBC.

David Glaser, Co-Head of Investment Banking

According to Glaser's LinkedIn profile, immediately following his Bear Stearns departure, Glaser became the Chairman of Global Mergers and Acquisitions at Bank of America, becoming the Deputy Head of Global M&A in 2009 and then the Chief Operating Officer of Global Corporate and Investment Banking in 2010.

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