Bear Stearns’ co-president and co-chief operating officer Warren Spector resigned on Sunday, becoming a casualty of a credit risk crisis at the investment bank, reports Reuters. Bear Stearns said that, effective immediately, Alan Schwartz has been named the company’s sole president. Mr Spector’s departure follows Bear Stearns’ assertion on Friday that it is weathering the worst storm in financial markets in more than 20 years after S&P warned that mortgage credit problems could hurt the investment bank’s profits. The Wall Street Journal, meanwhile, examines the circumstances of Mr Spector’s ousting.
