The credit crisis that has engulfed Bear Stearns has claimed an internal victim, finally. President and co-Chief Operating Officer Warren Spector resigned on Sunday. According to news reports, CEO Jimmy Cayne called him into his office and told him that he could no longer work with the man once viewed as his successor. A tough end to a brilliant career at the firm. He was a superstar at Bear and the second largest shareholder behind Cayne himself. Alan Schwartz  became the company's sole president. Also, CFO Samuel Molinaro will also become chief operating officer as well. Jeffrey Mayer, co-head of the fixed income, was promoted to the executive committee. Well, in hindsight none of this is surprising. I guess it took a while for Cayne to make up his mind. Spector had apparently taken responsibility inside the firm and was working to prevent future occurrences. He'll land on his feet.

For more:
- here's an article from MarketWatch