Alan C. Greenberg

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

Alan C. Greenberg
Alan C. Greenberg.jpg
Born
Alan Courtney Greenberg

(1927-09-03)September 3, 1927
DiedJuly 25, 2014(2014-07-25) (aged 86)
CitizenshipUnited States
OccupationBusinessman
Spouse(s)
Ann Greenberg
(m. 1954; div. 1976)

Kathryn A. Olson (m. 1987)
Children2
Parent(s)Theodore and Esther Greenberg
RelativesDan Fishbach (nephew)
Stephen Fishbach (nephew)

Early life and educationEdit

Greenberg was born in Wichita, Kansas[1] but raised in Oklahoma City in an upper-middle-class neighborhood,[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. 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]

CareerEdit

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, Greenberg was 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]

Greenberg was the financier of Kaufman and Greenberg, a company he set up with Richard Kaufman to publish magic books.[8]

PhilanthropyEdit

  • Greenberg was a member of the Society of American Magicians.[8] In 1998, Greenberg donated $1 million to New York City's Hospital for Special Surgery to underwrite sildenafil prescriptions for impotent men without necessary income.[9]
  • UJA-Federation of New York named him "a giant in our community and a stalwart champion of the Jewish people, both at home and in Israel."[10]
  • "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.[11]

Personal lifeEdit

Alan Greenberg was married twice:

DeathEdit

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

Bridge accomplishmentsEdit

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[18] and was second in the Reisinger later that year.

WinsEdit

Runner-up finishesEdit

ReferencesEdit

  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 DeCamps, Eric (September 2014). "Alan "Ace" Greenberg". M-U-M. Vol. 104 no. 4. p. 23.
  9. ^ "Viagra Falls". People.
  10. ^ "GREENBERG--Alan C. UJA-Federation of New York deeply mourns the passing of Alan C. (Ace) Greenberg, a giant in our community and a stalwart champion of the Jewish people, both at home and in Israel". The New York Times. July 27, 2014.
  11. ^ Era ends: Bear Stearns chairman exits; Street won't soon see another Ace Greenberg
  12. ^ a b "WEDDINGS; Kathleen Cigich, Ted Greenberg". The New York Times. October 21, 2001.
  13. ^ "Three L.A. Mensch -keteers–Ginsburg, Shapiro, Siegel". Frank DiGiacomo. The New York Observer. March 9, 1998.
  14. ^ Jeffrey Modell Foundation: "The Couple of the Year - JMF Salutes Lynne and Caleb Koeppel Archived 2013-04-15 at Archive.today. Spring 1999. Retrieved August 8, 2012.
  15. ^ "Melissa Frey and Malcolm Levine". New York Times. February 28, 2009.
  16. ^ Fishbach, Stephen [@stephenfishbach] (26 July 2014). "Great article about my uncle, Alan Greenberg, who passed away yesterday. An amazing man:" (Tweet) – via Twitter.
  17. ^ Fishbach, Dan [@danfishbach] (25 July 2014). "A much better article on my uncle, who passed away today at age 86:" (Tweet) – via Twitter.
  18. ^ "Bridge: United States Team Gains a Strong Victory in Israel". Alan Truscott. The New York Times. July 20, 1981.
  19. ^ "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.
  20. ^ "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.

External linksEdit

Alan C. Greenberg scrapbooks at New-York Historical Society