Alan Schwartz took over Bear Stearns once it became clear that Jimmy Cayne--then one of Wall Street's Grand Old Men--could no longer command enough respect to revive the firm. Schwartz's very short tenure was marked by controversy, as he helped engineer a buyout that allowed JPMorgan Chase to buy it at shockingly low prices.

Schwartz ended up getting hired as chairman of Guggenheim Partners, where he wants to build. The New York Post reports Schwartz has recruited Kenneth Savio, former co-head of trading at Bear Stearns, to start to build out an equity-trading desk. That would extend Guggenheim's reach beyond asset management. He seems to want to build a top flight boutique.

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