PDF Ebook The Rise and Fall of Bear Stearns, by Alan C. (Ace) Greenberg
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The Rise and Fall of Bear Stearns, by Alan C. (Ace) Greenberg
PDF Ebook The Rise and Fall of Bear Stearns, by Alan C. (Ace) Greenberg
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On March 16, 2008, Alan Greenberg, former CEO and current chairman of the executive committee of Bear Stearns, found himself in the company’s offices on a Sunday. More remarkable by far than the fact that he was in the office on a Sunday is what he was doing: participating in a meeting of the board of directors to discuss selling the company he had worked decades to build for a fraction of what it had been worth as little as ten days earlier. In less than a week the value of Bear Stearns had diminished by tens of billions of dollars. As Greenberg recalls, "our most unassailable assumption—that Bear Stearns, an independent investment firm with a proud eighty-five-year history, would be in business tomorrow—had been extinguished. . . . What was it, exactly, that had happened, and how, and why?" This book provides answers to those questions from one of Wall Street’s most respected figures, the man most closely identified with Bear Stearns’ decades of success.
The Rise and Fall of Bear Stearns is Alan Greenberg’s remarkable story of ascending to the top of one of Wall Street’s venerable powerhouse financial institutions. After joining Bear Stearns in 1949, Greenberg rose to become formally head of the firm in 1978. No one knows the history of Bear Stearns as he does; no one participated in more key decisions, right into the company’s final days. Greenberg offers an honest, clear-eyed assessment of how the collapse of the company surprised him and other top executives, and he explains who he thinks was responsible. This is a candid, fascinating account of a storied career and its stunning conclusion.
"Whoever coined the adage about hindsight being twenty-twenty didn’t make any allowance for astigmatism or myopia. Whose hindsight? And from what distance? A picture clarifies or blurs with the passage of time, and whatever image emanates at a given instant is colored by the biases of the observer. Knowing that my perceptions of the fall of Bear Stearns are inevitably somewhat subjective, I’ve tried to make sense of exactly what happened when and how this or that development along the way contributed to the ultimate outcome. I’ve wanted to get a fix on the moment when we ceased controlling our own destiny—not out of intramural curiosity but because that loss of control resonated and replicated globally. For those of us who across decades gave so much of ourselves to Bear Stearns, what took place during a single week in March 2008 was a watershed in our lives. With sufficient time and distance, as the context expanded, we could recognize it as the signal event of an enormous disruption that the world will be struggling to recover from for years to come."
—from THE RISE AND FALL OF BEAR STEARNS
- Sales Rank: #1404860 in Books
- Published on: 2010-06-01
- Released on: 2010-06-01
- Original language: English
- Number of items: 1
- Dimensions: 8.44" h x .90" w x 5.50" l, .75 pounds
- Binding: Hardcover
- 224 pages
From Publishers Weekly
Greenberg, former CEO and chairman of the board of Bear Stearns and vice chairman emeritus of J.P. Morgan Chase, and Singer (Funny Money), staff writer for the New Yorker, chronicle the rise and monumental fall of financial behemoth Bear Stearns in this highly anticipated insider account. From his joining the firm in 1949 through the sharp decline of its stock in 2008 to the potential bankruptcy, Greenberg shares not only a company history but the personal story of his journey up the corporate ladder. He takes us from his early days in Oklahoma to his frequent battles with the legendary head of the firm, Cy Lewis, and his disdain for recent CEO Jimmy Cayne. He tells of unusual company practices including reviewing partners' tax returns to enforce the company policy mandating charitable donations and encouraging whistle-blowers, even if claims later prove false. Greenberg's narration is a matter-of-fact recounting, without embellishment and oddly blanched of the color, drama, apprehension, and tension one would expect in a company and industry dominated by such powerful egos and enduring such powerful upheavals. (July)
Copyright � Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
Review
“I read Ace’s book straight through and enjoyed every minute of it. It’s vintage Ace -- honest, entertaining, and with many commonsense lessons about Wall Street, investing and human behavior.”
—Warren Buffett
“No one knows Wall Street better than Alan ‘Ace’ Greenberg, a legendary figure in financial circles for his trading genius, colorful personality and blunt style. It all comes through in this insiders’ account of the rise and fall of one of the Street’s great firms. Ace gives the world an enduring lesson in what happens when the fundamentals are replaced by hubris and over-reaching. If you want to do business in the stock market, this is a place to learn.”
—Tom Brokaw
“This book zips along like a good conversation. What happened to Bear Stearns is a tragicomic opera, and with the deft assistance of Mark Singer, Alan ‘Ace’ Greenberg makes it come alive in all its gory, incredible detail.”
--Ken Auletta, author of Googled: The End of the World As We Know It
“In The Rise and Fall of Bear Stearns, Ace Greenberg uses his vast knowledge, candid insights, humor and blunt honesty to provide a fascinating look into how one of the largest financial houses in this country disintegrated before our eyes. He doesn’t pull any punches. Good job, Ace.”
—T. Boone Pickens
“Ace Greenberg is one of Wall Street’s greatest talents. The details of his extraordinary career provide numerous important lessons on how to build a successful business and seize opportunities in both good and bad times. As a friend and a client for well over 30 years, I have always admired Ace for his outstanding judgment, his guts and wonderful sense of humor.”
—Nelson Peltz, CEO and a Founding Partner of Trian Fund Management, L.P.
“Finally, here’s a book about Wall Street that doesn't need to rely on shadowy sources and journalism gimmicks. Ace Greenberg gets right at the truth, as a man who faced the tough decisions and fought at the very center of the arena. He is unflinching in his honesty and writes with compelling prose about the perilous realities that confronted one of the great firms of our time. For savvy readers who want insight over intrigue, a seat at the main table and not the back kitchen, Ace’s book is the truly definitive account.”
--Kenneth Langone, President and Chairman of Invemed Associates, LLC and co-founder of Home Depot
About the Author
Alan (Ace) Greenberg, a well-known philanthropist, is former CEO and Chairman of the Board at Bear Stearns. He is currently Vice Chairman at JP Morgan Chase and lives in New York City.
Most helpful customer reviews
0 of 0 people found the following review helpful.
DEMISE OF A WALL STREET ICON...WEALTH..EGOS...AND HUMILIY WITNESSED
By al weiss
A FRANK DISCUSSION BY THE CORNERSTONE MAN THAT BUILT THE FIRM HANDS ON AND WHO TRUSTED THE RATING AGENCIES ....AND, AS HE BECAME OLDER ...MADE THE FATAL MISTAKE OF LOOSING CONTROL OF THE PEOPLE AROUND HIM ...AND THE FINANCIAL PRODUCTS THAT WERE BEING CREATED.... CDO's...MORTGAGES ....PACKAGED AND RATED AAA...THIS, WILL BE SHOWN TO BE THE PRIMARY REASON FOR THE SERIES OF EVENTS THAT CAUSED THE'''RUN ON THE.BANK''..LIQUIDITY ISSUES AND ULTIMITE DEMISE....AN ESSENTIAL PIECE OF READING IN CONJUNCTION WITH OTHER BOOKS WRITTEN ABOUT THE FINANCIAL CRISIS WE HAVE ALL LIVED THRU THIS MANY YEARS...AND THE FRAGILITY OF THE SYSTEM WE HAVE CREATED IN THE COUNTRY....A SAD CHAPTER IN FINANCIAL HISTORY ...AND THE 14,000 EMPLOYEES AT BEAR STEARNS ....THAT HIT A BRICK WALL GOING A HUNDRED MILES AN HOUR....THE STORY IS STILL UNFOLDING AND WITH LEHMAN,....AIG...etc....AND MILLIONS OF REGULAR PEOPLE ...WILL BE STUDIED BY STUDENTS OF FINANCIAL HISTORY FOR YEARS...THANKS ''ACE'' FOR TELLING THE STORY.....
0 of 0 people found the following review helpful.
Wonderful read of an amazing story
By DGK
Ace Greenberg truly writes as he speaks! The history of Bear Sterns, as told by the only insider truly qualified to do so, is packed with the stuff of legends and nightmares. Ace recounts so many small and large tasty morsels of a special time in America. Read this book, and laugh.
0 of 0 people found the following review helpful.
Five Stars
By Amazon Customer
just fine !
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