Warren Spector: In or Out?

Shooting first and asking questions later is de rigeur on Wall Street. Did Roddy Boyd from the New York Post jump the gun reporting on Warren departure?

Mortgage-bond trading powerhouse Bear Stearns has taken some emergency measures to right its listing ship, dismissing President and Co-Chief Operating Officer Warren Spector and beginning a dialogue with regulators and Treasury officials over its financial health, The Post has learned. New York Post

Well he might be gone, but it ain’t official yet. Still, something is brewing behind the scenes, and the board is set to meet on Monday. Is the wonder boy toast? He was conspicuously absent from the conference call on Friday.

Bear Stearns’ board is due to meet on Monday to consider the departure of Spector, who heads up its stock and bond trading operations, the paper said, citing a person familiar with the situation.

Spector, 49, had widely been seen as a candidate to become the firm’s next chief executive, the Journal said.  Spector, who has been at the firm since 1983, oversees Bear’s entire capital markets business, which includes monitoring stock and bond trading, the paper said. Reuters

We mused less than a month ago that this wily executive might survive a coup attempt:

A good drubbing always sets off intrigue the corner offices.  Warren Spector recently gave the Asset Management troops a pep talk, but the Cioffi episode likely dimmed his star.  But don’t underestimate him.  What did not kill him made him stronger, and like all good bridge players he learns from his mistakes.  Warren is scary smart, and would likely crush any attempt at a palace coup. 1440 Wall Street

And although Jimmy Cayne does not appear to be ready to fall on his sword, he might not be above nudging Warren along the gangplank. Of course, Jimmy’s opportunity to go out at the top of his game, like Michael Jordan, is now long gone.

Sad, no?

Bear Stearns In the News
1440 Wall Street

Bear Stearns preparing to oust president
Reuters

Bear Bloodied: President Fired as Stock Dives and S&P Issues Slap
New York Post
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