Odd passing of the torch at Bear Stearns

The New York Times reports the scene at Bear Stearns when Alan Schwartz strode into the dining room filled with the top executives. He gave something of a rah-rah speech, and apparently the room burst out in applause for the new heir apparent to the throne currently occupied by Jimmy Cayne. Schwartz has been at the firm for more than 30 years. But now that Warren Specter has been forced out, he finds himself the proverbial man. The former college baseball player made a name for himself at Bear as a salesman and banker and seems like a throwback in some ways. It will be interesting to see how Cayne deals with this. Cayne's predecessor, the Grand Old Man Ace Greenberg, set up a rather long transition period that might have been uncomfortable for Cayne toward the end. But Cayne may now do the same. Perhaps he'll give up the reigns in stages in these troubled times.  

For more:
- here's the article from the NYT