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Bernanke Won't Rescue Market   Democratic Fight Night
Aug 7 2007 10:27AM EDT

In Defense of Warren Spector

I don't know Warren Spector well. I've met the now infamously ousted co president of Bear Stearns a couple of times and I've usually been seated closer to his charming wife, Margaret Whitton, the actress and filmaker. I like them and have friends in common with them. It's hard to see why the firm's chief executive, James Cayne, would summarily execute Spector but not take the rap himself. The Buck Stops Here, not there. It would be one thing if Spector were keepin g secrets from the boss or in someway blindsiding him. But the fact is that Spector's activities were well known and approved of by Cayne. When Home Depot tanked, Bob Nardelli took the fall. The deputies didn't fall on their sword. I have no doubt that Spector will find a very, very profitable niche soon. Cayne though has to answer for what's happened on his watch and so far he seems very good at pointing fingers and shirking responsibility. Executives have to take action when something goes wrong, of course, and that can mean firing people. But it only has credibility when they admit to mistakes themselves and hold themselves accountible, too.

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