The Rise and Fall of Bear Stearns

The Rise and Fall of Bear Stearns – Alan Greenberg

In March 2008, Bear Stearns, one of Wall Street’s oldest and most storied investment banks, collapsed in a matter of days and was sold to JPMorgan Chase at a fraction of its former value. Its fall was one of the first and most dramatic events of the global financial crisis.

The Rise and Fall of Bear Stearns tells the story from the perspective of Alan C. Greenberg, known throughout Wall Street as Ace, who joined the firm as a clerk in 1949 and rose to become its chief executive and chairman. Written with Mark Singer, the book combines memoir and business history, tracing Greenberg’s life from his upbringing in Oklahoma to his decades at the heart of the firm.

Greenberg describes how Bear Stearns grew from a scrappy, entrepreneurial partnership into a major investment bank, and shares the principles he championed, including tight cost control, risk management and hiring hungry, unconventional talent. He also reflects on his famous memos to employees, his passion for magic and bridge, and the colorful personalities who shaped the firm’s culture.

The final chapters offer his perspective on the events leading up to the collapse, the decisions made by the firm’s later leadership and the frantic weekend that ended its independence.

Candid, entertaining and full of anecdotes, The Rise and Fall of Bear Stearns is a fascinating read for anyone interested in Wall Street, financial history, leadership and the causes of the 2008 crisis.