"The Company Gym: Sweating Next to the Boss".
^ Schaefer Munoz, Sara (May 28, 2008)."Lost Opportunities Haunt Final Days of Bear Stearns". "Bear Stearns Profit Plunges 61% on Subprime Woes". ^ a b Duke Magazine: "Board Nominates Alumni Trustees" January 31, 2005."Guggenheim Is Next Job for Bear's Final CEO". ^ Aaron Lucchetti and Kate Kelly (June 2, 2009)."Bear Stearns Names Alan Schwartz as New CEO". ^ a b c Bloomberg News (January 9, 2008).Cohan, House of Cards: How Wall Street's Gamblers Broke Capitalism, Penguin UK,, 608 pages, p. "Fed Aided Bear Stearns as Firm Faced Chapter 11, Bernanke Says". He was chosen to run the investment banking division in 1985 and became president of Bear in 2001. Schwartz, 57, has worked at the firm since 1976. ^ a b Cane, Jeffrey (January 9, 2008).Schwartz resides in Greenwich, Connecticut, with his wife, Nancy Seaman, chairman of Houlihan Lawrence Realty Corporation. In 2006, he was a founding board member of the Robin Hood Foundation. In 1994, Schwartz was elected to the Common Cause National Governing Board. According to Schwartz, the new job meant "fate has dealt an opportunity to start from scratch." Schwartz is also the chairman of the Board of Visitors at the Fuqua School of Business at Duke and is a trustee on the Duke University Board of Trustees. In June 2009, Schwartz became executive chairman of Guggenheim Partners, an investment banking firm based in Chicago and New York. Schwartz also turned down offers from rival investment banks Goldman Sachs and Morgan Stanley. Schwartz stayed on with JPMorgan for a short while to manage the transition but declined a permanent senior position with the firm. After the deal with JPMorgan was announced, the fire sale price of the stock prompted a reportedly angry confrontation between Schwartz and senior trader Alan Mintz in the company gym. Within a week of its near collapse and merger with JPMorgan Chase on March 16, 2008, the shares were trading at $5.33 per share. When Schwartz became CEO, Bear Stearns stock traded around $75 per share however, the share price continued to drop as the financial crisis worsened over 2007-08. Schwartz became sole President and COO in August 2007 after Warren Spector (the original heir-apparent to Chairman and CEO Jimmy Cayne) was forced to resign in the wake of the collapse of two hedge funds, which foreshadowed the upcoming subprime mortgage crisis and financial meltdown. He became Co-President and Co- COO on June 25, 2001. In 1985, he became executive vice president and head of Bear Stearns' Investment Banking Division. In 1979, he was appointed the director of research and investment in New York City. Career Īlan Schwartz joined Bear Stearns in 1976, first working in Dallas. He was drafted as a pitcher by the Cincinnati Reds but never reported due to an injury. There he pitched on the baseball team as a scholarship athlete, making the ACC academic honor roll three times. Schwartz is a 1972 graduate of Duke University. Early life and education īorn in Bay Ridge, Brooklyn, he is the son of a Jewish traveling salesman and Presbyterian housewife from Kansas. He was previously the last president and chief executive officer of Bear Stearns when the Federal Reserve Bank of New York forced its March 2008 acquisition by JPMorgan Chase & Co. Executive chairman of Guggenheim PartnersĪlan David Schwartz is an American businessman and is the executive chairman of Guggenheim Partners, an investment banking firm based in Chicago and New York City.
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