Behind every billionaire there is a story!

Bear’s Schwartz Fought Failure as Cayne Played Bridge

Alan Schwartz wasn’t supposed to be running Bear Stearns Cos., and now he is presiding over the 85- year-old securities firm’s sale.As far back as 1999 analysts predicted the top job would go to Warren Spector, the former bond chief who calculated complex securities trades by hand and shared a passion for bridge with Bear’s chairman and chief executive officer, Jimmy Cayne. Both men lost their jobs after bets on subprime mortgage bonds soured.

They were at a bridge tournament in Detroit last week as Schwartzthe CEO for two months, fought a run on Bear’s cash brought on by widening subprime losses and negotiated the largest government bailout ever of a U.S. securities firm

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