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. 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. Warren Spector, Bear’s co-president and chief operating officer, was in a heated internal battle to replace Cayne. Bear Stearns. The following year, he started a derivatives group with a handful of employees, now a Triple A subsidiary with a staff of 150. ... the now-ousted co-president Warren Spector dumped 116,255 shares at … 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. 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 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. Now, Spector sits as Chairman of Balbec Capital, a private investment firm. “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. The master suite has a fireplace, a sitting room, three walk-in closets, two bathrooms and an office. For only $35, you can get the leading source of business news, anytime & anywhere, for an entire year. Having listed the house for $59.5 million several times since February 2017, the price was dropped to $50 million last week. Prior to joining Balbec Capital, Warren Spector was President and co-Chief Operating Officer of the Bear Stearns Companies, Inc. from 2001 to 2007. "What we do in the market is try to anticipate what customers want.". 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. Has The U.K. Property Market Hit Its Ceiling? (212) 210-0100. "Bridge is a game of drawing conclusions from incomplete information. William Michaelcheck, a … 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. One exception: We offer a discounted rate through Student Beans for students with a valid .edu email address. 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. 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. I later became an editor at amNewYork, New York City’s daily commuter newspaper. On June 5, Spector walked … Spector and his wife, actress Margaret Whitton, bought the townhouse from the school for $33 million in 2007. There is also a roof deck with a greenhouse, a 2,000-bottle wine room and elevator access all five floors. 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. 3 spot at the whist-obsessed Bear Stearns. Spector and his wife, actress Margaret Whitton, bought the townhouse from the school for $33 million in 2007. Warren Spector, Co-President. The financial crisis spread former Wall Street titans far and wide. The home boasts 18 rooms and 5,690 approximate feet of outdoor space. What doesn't happen is as important as what does," he says. Staying current is easy with Crain's New York news delivered straight to your inbox, free of charge. My interest in real estate was first inspired by my grandfather, who built and rented out houses on the east end of Long Island. Among his responsibilities: overseeing the hedge funds that eventually blew up. Last summer, he was given responsibility for all fixed income, asset management and derivatives. By the time Bear Stearns released its 2006 annual report in mid February 2007, Cioffi had more on his mind than trading Ferraris. https://www.vanityfair.com/news/2019/07/jeffrey-epsteins-financial-black-book The biggest chunk of pay came in the form of bonuses, which for Bear … In a gesture that honors his late wife, Spector will reportedly donate the proceeds from the sale to charity. Many joined small hedge funds or other obscure investment firms. Summary: Warren Spector is 62 years old and was born on 12/15/1957. However, Whitton, predominantly known for her role in the 1989 baseball comedy “Major League,” passed away from cancer in 2016. The Cheapest, Nicest Apartments for Sale in … What are the long-term implications of the pandemic on women? 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Warren Spector denies that his talent at bridge had anything to do with his ascension to the No. New York, NY 10017 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 … Warren Spector denies that his talent at bridge had anything to do with his ascension to the No. WARREN SPECTOR Chairman. Bear Stearns’ President Warren Spector is set to get a windfall of more than $160 million from the New York investment bank. On August 1, 2007 Jimmy Cayne fired Warren Spector. 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. (Or they were: Spector has now left in a management shake-up. Yet, he says, the training he received as the game's youngest life master in 1974 sharpened his trading skills. Warren J. Spector is Member, Executive Leadership Team at UJA-Federation of New York. Former Bear Stearns Executive Warren Spector Is Selling His Home For Charity. 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. 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 … 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…. Spector … AP Spector was forced out of Bear Stearns in 2007, after two of the firm's internal hedge funds collapsed. 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. President & … The property has a storied history in finance, along with academia, that dates back to the mid-1800s. 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. Some, like Cayne, considered him moody and arrogant, a by-product of a privileged … 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. 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. Chuck Ramsey, who was in charge of the company's fledgling mortgage bond desk, had just completed a big trade. He quit the game seven years before he landed his first job at the firm, whose chairman, Alan "Ace" Greenberg, is a bridge devotee. Warren J Spector is Chairman at Balbec Capital Management LP. As the BSAM funds collapsed, Bear Stearns co-president Warren Spector suspected Cioffi and Tannin might need help. His tenure at the legendary trading firm has been a steady progression, paralleling the growth in derivatives. 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. 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. Warren Spector was known inside Bear for his lack of emotion. View Warren J. Spector’s professional profile on Relationship Science, the database of decision makers. Franklin Roosevelt, had a vision to create two mansions that were wider than any Manhattan homes he’d seen before. There is also a roof deck with a greenhouse, a 2,000-bottle wine room and elevator access all five floors. Opinions expressed by Forbes Contributors are their own. Originally, Richard H. Winslow, founder of investment firm Winslow, Lanier & Co., built a townhouse at 13 W. 10th St. in 1847. All Rights Reserved, This is a BETA experience. 3 spot at the whist-obsessed Bear Stearns. 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. 685 Third Avenue This was the same year he left Bear Stearns… 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. You may opt-out by. 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. “I was a hard worker and was able to capitalize on some incredible opportunities. A nearly 55-foot-wide mansion in Greenwich Village owned by Warren J. Spector, the former co-president of the investment firm Bear Stearns, … Previous to Warren's current city of Palm Beach, FL, Warren Spector lived in New York NY and Manhattan NY. 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. 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Find my writing on ApartmentTherapy.com, amNY.com and more. The others remain.) Former Co-President Warren Spector, deposed after the hedge fund debacle, did the best of them all, reaping $168 million. On January 2008, Cayne resigned as CEO probably within days of a coup d'etat that was percolating throughout the firm's corridors. Sometimes Warren goes by various nickname including Warren J Spector. See Warren J Spector's compensation, career history, education, & memberships. 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. Ex-Bear Stearns co-president is still trying to unload his historic, double-wide mansion in Greenwich Village. In 1919, Jeremiah Milbank, an investment banker who also served as an adviser to Pres. The couple brought the home to its current glory, restoring the facade, adding a double-height library and renovating the master suite and garden. Mr. Spector extended his reach to other fixed-income areas, taking on the government bond department in 1992. © 2021 Forbes Media LLC. Ex-Bear Stearns Executive Warren Spector Lists Townhouse for $59.5 Million [WSJ] Next Up In Homes For Sale.
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