Alan C. Greenberg

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Alan C. Greenberg
Alan C. Greenberg.jpg
Born (1927-09-03)September 3, 1927
Wichita, Kansas
Died July 25, 2014(2014-07-25) (aged 86)
Manhattan, New York
Citizenship United States
Occupation Businessman
Spouse(s) Ann Greenberg (m. 1954; div. 1976)
Kathryn A. Olson (m. 1987)
Children 2
Parent(s) Theodore and Esther Greenberg
Relatives Dan Fishbach (nephew)
Stephen Fishbach (nephew)

Alan Courtney "Ace" Greenberg (September 3, 1927 – July 25, 2014) was a Chairman of the Executive Committee of The Bear Stearns Companies, Inc.

Early life

Greenberg was born in Wichita, Kansas[1] but raised in Oklahoma City in an upper middle-class Jewish family,[2][3] one of three children of Theodore and Esther Greenberg.[4] His father owned a woman's clothing store and was part of an extended family that operated clothing stores[4] in Kansas, Oklahoma and Missouri.

Education

Greenberg first attended the University of Oklahoma on a football scholarship. After injuring his back, he transferred to the University of Missouri, from which he graduated with a B.A. in business in 1949. Greenberg pursued a career on Wall Street after college, accepting a position as a clerk at Bear Stearns for $32.50 per week.[2]

Career

Greenberg rose through the ranks of Bear Stearns eventually serving as its CEO from 1978 to 1993 and Chairman of the Board from 1985 to 2001. Greenberg also served as a non-executive director of Viacom. He was the author of Memos from the Chairman, which is a compilation of memos he issued to the associates of Bear Stearns during his tenure as CEO.

In 1969, Greenberg hired James Cayne as a stockbroker at Bear Stearns. In 1993, however, Greenberg would be ousted and replaced as CEO by Cayne. Cayne served as CEO until January 2008 and was succeeded by Alan Schwartz who oversaw the firm's demise in March 2008.[5]

While serving as Chairman of the Executive Committee of Bear Stearns, Greenberg oversaw the collapse of the company in March 2008. He was subsequently involved in the talks with JPMorgan Chase which eventually bought out the failing company.[6] Fortune reported that Greenberg agreed to join JPMC as vice chairman of Bear's retail business.[7]

Personal life

Alan Greenberg was married twice:

  • His first wife was Ann Greenberg[8] whom he divorced in 1976. They have two children:[2]
    • Lynne Koeppel who was the first woman to own a seat on the American Stock Exchange. She later gave up her seat to focus on raising her two children, Allison and Melissa Frey.[2] In 1991, she divorced her first husband Jonathan Frey. Jonathan and her father, Alan Greenberg engaged in a very public lawsuit over unpaid interest on a loan Greenberg had made to Frey for the purchase of the newly married couple's first home. Greenberg eventually lost the lawsuit.[9] Lynne is remarried to Caleb Koeppel.[10]
    • Ted Greenberg who works, as his father did, in risk arbitrage at Dresdner Kleinwort, a subsidiary of Dresdner Bank in New York City. Ted is a graduate of Harvard University and was also a writer in the 1980s for Late Night with David Letterman on NBC.[2] Ted is married to Kathleen Marie Cigich (maiden name Durst).[8]
  • In 1987, he married 40-year-old Kathryn A. Olson[2] who is the Board Chair of Cardozo School of Law and the founder of the New York Legal Assistance Group.
  • Greenberg is the uncle of Survivor: Tocantins runner-up and People Magazine blogger Stephen Fishbach[11] and theatre director and professor Dan Fishbach.[12]

Death

On 25 July 2014, Greenberg died of cancer.[4]

Bridge accomplishments

Greenberg was an avid bridge player, having won the Reisinger Board-a-Match Teams in 1977. In 1981, he won the Maccabiah Games teams bridge tournament[13] and was second in the Reisinger later that year.

Wins

Runner-up finishes

Philanthropy

Greenberg was a member of the Society of American Magicians. In 1998, Greenberg was the subject of a 999-word profile in People Magazine that trumpeted his $1 million donation to New York City's Hospital for Special Surgery to underwrite sildenafil prescriptions for financially needy, impotent men.

"You do some nutty things," Greenberg stated and he told People that his wife Kathryn told him, "you've made your money, and you can spend it any way you want." That philanthropic gesture topped the time Greenberg paid to repair the bathrooms at the Israel Museum in Jerusalem.[16]

References

  1. ^ Washington Post: "Alan C. "Ace" Greenberg Who as Chief Executive Remade Bear Stearns Dies at 86" By Yalman Onaran July 25, 2014
  2. ^ a b c d e f "Where the Ace is King". Sarah Bartlett. The New York Times. June 11, 1989.
  3. ^ "Private Sector; Tapping the Wall Street Melting Pot". Patrick McGeehan (compiled by Rick Gladstone). The New York Times. November 25, 2001.
  4. ^ a b c "Alan C. Greenberg, 86, Dies; Led Bear Stearns in Good Times and Bad". Robert D. McFadden. The New York Times. July 25, 2014.
  5. ^ "Cayne to Step Down As Bear Stearns CEO". Kate Kelly. The Wall Street Journal. January 8, 2008.
  6. ^ FRONTLINE interview: Inside the Meltdown Retrieved February 26, 2009.
  7. ^ "JPMorgan plays its Ace – Daily Briefing". Fortune. April 24, 2008. Formerly archived at money.cnn.com.
  8. ^ a b "WEDDINGS; Kathleen Cigich, Ted Greenberg". The New York Times. October 21, 2001.
  9. ^ "Three L.A. Mensch -keteers–Ginsburg, Shapiro, Siegel". Frank DiGiacomo. The New York Observer. March 9, 1998.
  10. ^ Jeffrey Modell Foundation: "The Couple of the Year - JMF Salutes Lynne and Caleb Koeppel Archived 2013-04-15 at Archive.is. Spring 1999. Retrieved August 8, 2012.
  11. ^ Stephen Fishbach [@stephenfishbach] (26 July 2014). "Great article about my uncle, Alan Greenberg, who passed away yesterday. An amazing man:" (Tweet) – via Twitter. 
  12. ^ Dan Fishbach [@danfishbach] (25 July 2014). "A much better article on my uncle, who passed away today at age 86:" (Tweet) – via Twitter. 
  13. ^ "Bridge: United States Team Gains a Strong Victory in Israel". Alan Truscott. The New York Times. July 20, 1981.
  14. ^ "Reisinger Winners" (PDF). American Contract Bridge League. 2013-12-06. p. 6. Archived from the original (PDF) on 2014-10-21. Retrieved 2014-10-24. 
  15. ^ "Reisinger Winners" (PDF). American Contract Bridge League. 2013-12-06. p. 6. Archived from the original (PDF) on 2014-10-21. Retrieved 2014-10-24. 
  16. ^ Era ends: Bear Stearns chairman exits; Street won't soon see another Ace Greenberg
Retrieved from "https://en.wikipedia.org/w/index.php?title=Alan_C._Greenberg&oldid=840634577"
This content was retrieved from Wikipedia : http://en.wikipedia.org/wiki/Alan_C._Greenberg
This page is based on the copyrighted Wikipedia article "Alan C. Greenberg"; it is used under the Creative Commons Attribution-ShareAlike 3.0 Unported License (CC-BY-SA). You may redistribute it, verbatim or modified, providing that you comply with the terms of the CC-BY-SA