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Mortgage mess sinks Wall Street exec

By Gary Jacobson

August 6, 2007 at 1:51pm

The subprime mortgage mess claimed its first big Wall Street name Sunday as Bear Stearns forced out co-president Warren Spector.

Bear Stearns, which had two of its hedge funds collapse in June erasing more than $1.5 billion in capital, is a big player in bonds that back high-risk mortgages.

Spector, seen by some as the eventual successor to Bear Stearns CEO James Cayne, resigned. At a board meeting Sunday, directors determined that Alan Schwartz would be the sole president of the company.

According to The New York Times, Cayne called Spector into his office last week and told him he could no longer work with him. In addition to the mortgage problems, the Times also pointed out that Spector is a strong supporter of Democratic candidates and Cayne is a Republican.

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