Prior to joining Balbec Capital, Warren Spector was President and co-Chief Operating Officer of the Bear Stearns Companies, Inc. from 2001 to 2007. The financial crisis spread former Wall Street titans far and wide. In his 24 year tenure at Bear Stearns, Spector spent his last 6 years as President and Co-Chief Operating Officer, managing the entire market side of the firm. “I was a hard worker and was able to capitalize on some incredible opportunities. Warren Spector denies that his talent at bridge had anything to do with his ascension to the No. The biggest chunk of pay came in the form of bonuses, which for Bear … He quit the game seven years before he landed his first job at the firm, whose chairman, Alan "Ace" Greenberg, is a bridge devotee. The following year, he started a derivatives group with a handful of employees, now a Triple A subsidiary with a staff of 150. The home boasts 18 rooms and 5,690 approximate feet of outdoor space. One exception: Opinions expressed by Forbes Contributors are their own. WARREN SPECTOR Chairman. Chuck Ramsey, who was in charge of the company's fledgling mortgage bond desk, had just completed a big trade. Warren Spector, Co-President. His tenure at the legendary trading firm has been a steady progression, paralleling the growth in derivatives. Mr. Spector extended his reach to other fixed-income areas, taking on the government bond department in 1992. "Bridge is a game of drawing conclusions from incomplete information. The Cheapest, Nicest Apartments for Sale in … On January 2008, Cayne resigned as CEO probably within days of a coup d'etat that was percolating throughout the firm's corridors. There is also a roof deck with a greenhouse, a 2,000-bottle wine room and elevator access all five floors. Crain’s New York Business is the trusted voice of the New York business community—connecting businesses across the five boroughs by providing analysis and opinion on how to navigate New York’s complex business and political landscape. Spector Ousted by Cayne Over Too Much Bridge, Money (Update1) By Yalman Onaran Oct. 3 (Bloomberg) -- Warren Spector had been working at Bear Stearns Cos. for just four months in 1983 when the moment arrived that would make his career. Uptown, Milbank did the same with 14 and 16 E. 67th St., where he built a 48-foot-wide home, which broke the New York City townhouse record this year when hedge fund magnate John Griffin bought it from financier Philip Falcone for $77 million. Former Bear Stearns Executive Warren Spector Is Selling His Home For Charity. In a gesture that honors his late wife, Spector will reportedly donate the proceeds from the sale to charity. Warren Spector denies that his talent at bridge had anything to do with his ascension to the No. 3 spot at the whist-obsessed Bear Stearns. © 2021 Forbes Media LLC. President & … Spector is the former co-president of Bear Stearns, but was let go from the company during the 2007 financial panic (and was blamed for the bank's role in the crisis), reports Luxury Listings NYC.In December, Spector's wife and former actress Margaret Whitton, who lived with him in the townhouse, passed away from cancer. This was the same year he left Bear Stearns… Spector, 49, had spent his entire career at Bear Stearns since joining the firm as a trader in 1983 and had been considered a likely successor to … After growing up in Queens and attending a performing arts high school on the Upper West Side of Manhattan, I started my journalism career as a political reporter in Albany, New York. Mr. Spector lives in Manhattan with his wife, Margaret Whitton, a stage and film actress who will star in The Apple Doesn't Fall, opening at the Lyceum Theatre in April. Franklin Roosevelt, had a vision to create two mansions that were wider than any Manhattan homes he’d seen before. We offer a discounted rate through Student Beans for students with a valid .edu email address. Now, Spector sits as Chairman of Balbec Capital, a private investment firm. Mr. Spector, a 1981 St. John’s graduate, is a former co-president of Bear Stearns, a once-mighty investment firm that crumbled amid the 2007 mortgage crisis. https://www.vanityfair.com/news/2019/07/jeffrey-epsteins-financial-black-book He joined the Mortgage Department of Bear Stearns in 1983 when its revenues were under $1 million per annum and grew that business to $2 billion. On June 5, Spector walked … Bear Stearns had a banner 2006: $9.2 billion in revenue, and it had made $2.05 billion of net income, the first time that milestone … New York, NY 10017 The property has a storied history in finance, along with academia, that dates back to the mid-1800s. Warren Spector was known inside Bear for his lack of emotion. You may opt-out by. There is also a roof deck with a greenhouse, a 2,000-bottle wine room and elevator access all five floors. Ex-Bear Stearns Executive Warren Spector Lists Townhouse for $59.5 Million [WSJ] Next Up In Homes For Sale. Some, like Cayne, considered him moody and arrogant, a by-product of a privileged … Warren Spector, Bear’s co-president and chief operating officer, was in a heated internal battle to replace Cayne. All Rights Reserved, This is a BETA experience. Having listed the house for $59.5 million several times since February 2017, the price was dropped to $50 million last week. Yet, he says, the training he received as the game's youngest life master in 1974 sharpened his trading skills. Spector … By the time Bear Stearns released its 2006 annual report in mid February 2007, Cioffi had more on his mind than trading Ferraris. Bear Stearns. (212) 210-0100. Has The U.K. Property Market Hit Its Ceiling? Warren J Spector is Chairman at Balbec Capital Management LP. 3 spot at the whist-obsessed Bear Stearns. The crisis in the credit markets has claimed a victim: Warren J. Spector, a co-president at Bear Stearns and a 24-year veteran of the organization. Summary: Warren Spector is 62 years old and was born on 12/15/1957. “The present owners have brought 11 West 10th Street to an extremely high level of beauty, and there is simply no other renovated mansion at this phenomenal width so well located in Greenwich Village,” its listing agent Paula Del Nunzio, of Brown Harris Stevens, said. Former Co-President Warren Spector, deposed after the hedge fund debacle, did the best of them all, reaping $168 million. For only $35, you can get the leading source of business news, anytime & anywhere, for an entire year. Dylan Lauren Of Dylan’s Candy Bar Shares Sweet Tips For How To Decorate With Candy, Sir Michael Caine’s Former Country House In Oxfordshire, U.K., Is On Sale For $9 Million, London’s Luxury Chelsea Barracks Development Creates Heritage Homeware Range, Penthouse Flat In Milan’s Bosco Verticale Hits The Market - 6 Years After The Development Completed, London’s Most Expensive Homes Are In Demand, $12.9 Million ‘Pandemic Refuge’ For Sale: Social Distance In Style In This Luxury Former Cold War Bunker In London, Sir David Adjaye’s Lost House: The Dramatic London House Asks $8.2 Million, Inspired By An Art Deco Watch, This Striking Curved English Mansion Is On Sale For $21 Million, For Sale: A $24.3 Million Private English Country Estate Set In Almost 1,000 Acres. Greenberg has always been known as something of an odd-ball—in 1999 he gave $1 million to provide Viagra to men who otherwise would not be able to afford it. Find my writing on ApartmentTherapy.com, amNY.com and more. After growing up in Queens and attending a performing arts high school on the Upper West Side of Manhattan, I started my journalism career as a political reporter in…. Warren J. Spector has resigned his positions of president and co-chief operating officer, member of the Executive Committee and member of the Board of Directors of Bear Stearns. Warren Spector: Spector managed to cash out a lot of his Bear stock when Cayne fired him in mid-2007 for his role overseeing two major hedge funds that collapsed that summer. Originally, Richard H. Winslow, founder of investment firm Winslow, Lanier & Co., built a townhouse at 13 W. 10th St. in 1847. Sometimes Warren goes by various nickname including Warren J Spector. Bear Stearns’ President Warren Spector is set to get a windfall of more than $160 million from the New York investment bank. Previous to Warren's current city of Palm Beach, FL, Warren Spector lived in New York NY and Manhattan NY. As the BSAM funds collapsed, Bear Stearns co-president Warren Spector suspected Cioffi and Tannin might need help. Warren J. Spector is Member, Executive Leadership Team at UJA-Federation of New York. Spector and his wife, actress Margaret Whitton, bought the townhouse from the school for $33 million in 2007. In 1919, Jeremiah Milbank, an investment banker who also served as an adviser to Pres. However, Whitton, predominantly known for her role in the 1989 baseball comedy “Major League,” passed away from cancer in 2016. NEW YORK (AP) — Bear Stearns Cos. said yesterday that co-President and co-Chief Operating Officer Warren Spector has resigned after the meltdown of two hedge funds that invested in … From his start 13 years ago as a trading assistant on the firm's government bond desk, Mr. Spector has ascended to head of Bear Stearns' fixed-income operations, where he oversees $10 billion in trades each day. Luxury amenities include a dining room with space for 25 guests, a movie theater with seating for 15, and a third-floor gym with a terrace. See Warren J Spector's compensation, career history, education, & memberships. Warren Spector, the former co-president of Bear Stearns Cos., will help students pay tuition for a “unique and intense education” at St. John’s College -- to the tune of $25 million. The couple brought the home to its current glory, restoring the facade, adding a double-height library and renovating the master suite and garden. "What we do in the market is try to anticipate what customers want.". A nearly 55-foot-wide mansion in Greenwich Village owned by Warren J. Spector, the former co-president of the investment firm Bear Stearns, … Wearing a white hardhat and wielding a gold-plated mallet, Warren Spector, the former co-president of Bear Stearns Companies, symbolically broke ground Tuesday on a two-year, $35-million expansion and renovation of downtown New York’s Public Theater, reports Bloomberg.. Mr. Spector, the theater’s unpaid chairman, is leading a campaign to raise the remaining $7-million for the project. Staying current is easy with Crain's New York news delivered straight to your inbox, free of charge. Many joined small hedge funds or other obscure investment firms. I now cover the tri-state area market, along with business, finance, tech and other trending topics, from the quiet of the woods north of the five boroughs. The crisis in the credit markets has claimed a victim: Warren J. Spector, a co-president at Bear Stearns and a 24-year veteran of the organization. On August 1, 2007 Jimmy Cayne fired Warren Spector. 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What doesn't happen is as important as what does," he says. 685 Third Avenue ... the now-ousted co-president Warren Spector dumped 116,255 shares at … Last summer, he was given responsibility for all fixed income, asset management and derivatives. The others remain.) In 1987, the Chevy Chase, Md., native headed the mortgage derivative trading unit as that area exploded, growing the business from 10 traders to a staff of 300 today. Ex-Bear Stearns co-president is still trying to unload his historic, double-wide mansion in Greenwich Village. I later became an editor at amNewYork, New York City’s daily commuter newspaper. What are the long-term implications of the pandemic on women? Milbank, however, eventually donated the mansion on West 10th Street (which is now known as the Milbank House) to the Ladies Christian Union, a nonprofit that used it as a boarding house for businesswomen until it sold the home to New York University for $3.9 million in 1994. My interest in real estate was first inspired by my grandfather, who built and rented out houses on the east end of Long Island. This was the same year he left Bear Stearns, just before the firm was sold to JPMorgan Chase for $2 a share during the 2008 financial crisis. William Michaelcheck, a … Among his responsibilities: overseeing the hedge funds that eventually blew up. Spector and his wife, actress Margaret Whitton, bought the townhouse from the school for $33 million in 2007. SAN FRANCISCO (MarketWatch) -- Bear Stearns Cos. co-president and co-chief operating officer Warren Spector resigned Sunday at a meeting of the firm's board of directors, the company said. The master suite has a fireplace, a sitting room, three walk-in closets, two bathrooms and an office. To build his downtown manse, Milbank bought 13 W. 10th St., along with the vacant lot at 11 W. 10th, and commissioned architect Ernest Flagg to create a 54 1/2-foot-wide, 16,650-square-foot single-family home. View Warren J. Spector’s professional profile on Relationship Science, the database of decision makers. (Or they were: Spector has now left in a management shake-up. AP Spector was forced out of Bear Stearns in 2007, after two of the firm's internal hedge funds collapsed.
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