The Legacy of Alan `Ace' Greenberg

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July 25 (Bloomberg) -- Alan C. “Ace” Greenberg, who as CEO of Bear Stearns transformed a small bond shop into the fifth-largest U.S. securities firm before it collapsed in 2008 in one of the key events of the global credit crisis, has died. He was 86. Bloomberg's Michael Moore and Trish Regan reflect on his legacy on “Taking Stock.” (Source: Bloomberg)

He will go down in history?

I think we may have lost mr.

Swartz, --mr.

Alan schwartz, who was joining us by phone.

Text michael moore, you have covered financials.

You have covered wall street.

Talk to us about his history, his legend.

He built the sperm from a very small firm into a huge force on wall street.

It was a significantly smaller firm when he took over, and became one of the giants in investment banking.

One thing that is somewhat unique is, after he gave up the ceo title, he stuck around for another 20 years.

That is something we rarely see, that someone sticks with the firm.

He was there not just for his specific tenure, but over a much longer time.

When you think about where wall street currently is, i think he would fit in as an executive now, because so much of the focus is on cost-cutting, and that was one of his big things, was keeping costs low.

He used to tell employees to turn off the lights when they left, you know?

I think that attention to detail would be very welcome right now.

He was ceo for a long time.

It was a very changing world when he was there.

And he got into new businesses.

Investment banking had not been historically much of what bear stearns had done, and he built that business up to almost a quarter of the firm by the time it went under.

That was a dramatic transformation.

Just in terms of the number of people at the firm, a huge thing.

And kind of the legacy lives on at jpmorgan, because bear stearns is within jpmorgan, and jpmorgan went from before the crisis being a competitor to now being the real dominant firm.

A lot of that was driven by the acquisition of bear stearns.

On street smart earlier, saying this is a guy who ultimately was a tremendous friend.

You heard him and swartz saying this is someone whose word always meant his word, and i think in talking to people in general today, a sense of loss among those in the community who knew him well, and a sense that he was a really good guy is what i kept hearing over and over.

I am hearing someone like ace greenberg or warren buffett -- there is a couple of folks that used to be around for a long time, and so wall street go through a lot of changes.

We do not have a lot of figures like that anymore.

Who are the big forces, the big personalities in the banking sector?

Ace is one of them.

In the 70's and 1980's, a time of a lot of change.

A lot of people before that -- it was very unique.

Wasted stay with jpmorgan afterward.

This was his true love in terms of the business, the industry.

He was a spokesman for the industry throughout his career.

Boom was saying -- boone was saying he had lunch with him a month ago, here in new york, and he said, i realized it was probably going to be the last time i saw him.

He had gotten that frail, and the health had deteriorated that much.

Boone said, it is a sad day.

This text has been automatically generated. It may not be 100% accurate.


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