Bear Stearns president quits

Warren Spector, co-president and co-chief operating officer of Bear Stearns, has become the latest and highest-ranking casualty of the failure of two of the bank's hedge funds.

The bank announced Spector's departure yesterday. Alan Schwartz, the other co-president and co-chief operating officer, will remain in position as president. Samuel Molinaro, the chief financial officer, will also take the post of chief operating officer. Jeffrey Mayer, co-head of fixed income, will replace Spector on the bank's executive committee.

Last month, Michael Fedak, the bank's head of interest rate and municipal derivatives, also resigned. In July, two Bear Stearns' hedge funds lost billions of dollars after a decline in US subprime mortgage quality led to margin calls.

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