Bear Stearns director gives $250 thousand to low-level workers

Posted Apr 27th 2008 1:40PM by Zac Bissonnette
Filed under: Management, Bear Stearns Cos (BSC)

Alan C. Greenberg, the 80-year old Bear Stearns (NYSE: BSC) director who joined the company in 1949, is giving $360 thousand to some of the bank's lower-level employees who may lose their jobs in the company's collapse.

According to the New York Times, "As a result of his gift, 25 longtime workers will receive $200 a month over six years. The recipients include mailroom and clerical employees, several of whom have physical or mental handicaps."

Of course, don't be feeling too warm and fuzzy: since early 2007 alone, Greenberg has sold over $30 million in Bear Stearns stock.

But it's still a nice gesture given that the bank's collapse has left a substantial dent in his net worth too. It's hard to imagine Angelo Mozilo doing something like this. Greenberg may spend the next few years dealing with shareholder lawsuits. He hasn't offered to give any money back to them.

Tags: Alan Greenberg, Angelo Mozilo, Bear Stearns, BSC, executive compensation, inthenews

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Reader Comments (Page 1 of 1)

4-27-2008 @ 6:05PM

Mike said...

Good to hear some stories Like this. Shows that some management really cares about what happens.

6-08-2008 @ 2:14PM

Bobby said...

Why tell a "feel good" story if you put a negative spin on it? I might read one story out of a hundred that actually makes me feel there's hope for the human race & the end result is he's doing it to ease his conscience or something. As far as I'm concerned Wall street can go to hell anymore. Their "greed factor" premium alone is raising the price of goods in this country by 20%. There's over $30 a barrel built in to the cost of crude to oil the "Manhattan crowd". Screw em!!

4-27-2008 @ 10:17PM

hmalkasian said...

BFD!!!!!!!!
Do you have any idea what "Ace" Greenberg is worth?? Hundreds of millions of dollars, people! Wake up! This jerk is doing this for nothing more than a tax-writeoff, plain and simple.
Why doesn't the press report this guy has a 30 room apartment on Madison Avenue? The maintenence on a place like that, in midtown Manhattan easily exceeds $250,000.00 a year, maybe not even a year!
What a laugh this story is!
The bums who brought down B/S, like Greenberg, and "Jimmy" Cayne, the bum chairman who sold every single share of stock he held but still stays on to collect $18 - 30 million a year, hasn't donated a nickel to the people put out on the street.
Bear Stearns is a scumbag company that is on life-support by JP Morgan. Morgan should just bury the company, take the real estate they stole for $235 million and move on.