Alan Courtney "Ace" Greenberg (September 3, 1927 – July 25, 2014) was a chairman of the executive committee of The Bear Stearns Companies, Inc.

Early life and education

Greenberg was born in

Wichita, Kansas Wichita ( ) is the largest city in the U.S. state of Kansas and the county seat of Sedgwick County, Kansas, Sedgwick County. As of the 2020 United States census, 2020 census, the population of the city was 397,532. The Wichita metro area had ...

but raised in

Oklahoma City Oklahoma City (), officially the City of Oklahoma City, and often shortened to OKC, is the capital and largest city of the U.S. state of Oklahoma. The county seat of Oklahoma County, it ranks 20th among United States cities in population, a ...

in an upper-middle-class neighborhood,"Where the Ace is King"
Sarah Bartlett. ''The New York Times''. June 11, 1989. one of three children of Theodore and Esther Greenberg.
Robert D. McFadden. ''The New York Times''. July 25, 2014. His father owned a woman's clothing store and was part of an extended family that operated clothing stores in Kansas, Oklahoma and Missouri. Greenberg first attended the

University of Oklahoma The University of Oklahoma (OU) is a Public university, public research university in Norman, Oklahoma. Founded in 1890, it had existed in Oklahoma Territory near Indian Territory for 17 years before the two Territories became the state of Oklahom ...

on a football scholarship. After injuring his back, he transferred to the

University of Missouri The University of Missouri (Mizzou, MU, or Missouri) is a public university, public Land-grant university, land-grant research university in Columbia, Missouri. It is Missouri's largest university and the flagship of the four-campus Universit ...

, from which he graduated with a B.A. in business in 1949. Greenberg pursued a career on

Wall Street Wall Street is an eight-block-long street in the Financial District of Lower Manhattan in New York City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for t ...

after college, accepting a position as a clerk at

Bear Stearns The Bear Stearns Companies, Inc. was a New York-based global investment bank, securities trading and brokerage firm that failed in 2008 as part of the global financial crisis and recession, and was subsequently sold to JPMorgan Chase. The compa ...

for $32.50 per week.

Career

Greenberg rose through the ranks of Bear Stearns eventually serving as its

CEO A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

from 1978 to 1993 and

Chairman of the Board The chairperson, also chairman, chairwoman or chair, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the grou ...

from 1985 to 2001. Greenberg also served as a non-executive director of

Viacom Viacom, an abbreviation of Video and Audio Communications, may refer to: * Viacom (1952–2006), a former American media conglomerate * Viacom (2005–2019), a former company spun off from the original Viacom * Viacom18, a joint venture between Par ...

. He was the author of ''Memos from the Chairman'', which is a compilation of memos he issued to the associates of Bear Stearns during his tenure as CEO. In 1969, Greenberg hired James Cayne as a stockbroker at Bear Stearns. In 1993, Greenberg was ousted and replaced as CEO by Cayne. Cayne served as CEO until January 2008 and was succeeded by

Alan Schwartz Alan David Schwartz is an American businessman and is the executive chairman of Guggenheim Partners, an investment banking firm based in Chicago and New York. He was previously the last president and chief executive officer of Bear Stearns when ...

, who oversaw the firm's demise in March 2008."Cayne to Step Down As Bear Stearns CEO"
Kate Kelly. ''The Wall Street Journal''. January 8, 2008. While serving as chairman of the executive committee of Bear Stearns, Greenberg oversaw the collapse of the company in March 2008. He was subsequently involved in the talks with

JPMorgan Chase JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City and incorporated in Delaware. As of 2022, JPMorgan Chase is the largest bank in the United States, the ...

which eventually bought out the failing company. ''Fortune'' reported that Greenberg agreed to join JPMC as vice chairman of Bear's retail business. Greenberg was the financier of Kaufman and Greenberg, a company he set up with Richard Kaufman to publish

magic Magic or Magick most commonly refers to: * Magic (supernatural), beliefs and actions employed to influence supernatural beings and forces * Ceremonial magic, encompasses a wide variety of rituals of magic * Magical thinking, the belief that unrela ...

books.

Philanthropy

* Greenberg was a member of the Society of American Magicians. In 1998, Greenberg donated $1 million to New York City's Hospital for Special Surgery to underwrite

sildenafil Sildenafil, sold under the brand name Viagra, among others, is a medication used to treat erectile dysfunction and pulmonary arterial hypertension. It is unclear if it is effective for treating sexual dysfunction in women. It is taken by ...

prescriptions for impotent men without necessary income. *

UJA-Federation of New York UJA-Federation of New York (United Jewish Appeal⁣ – ⁣Federation of Jewish Philanthropies of New York, Inc.) is the largest local philanthropy in the world. Headquartered in New York City, the organization raises and allocates funds annually ...

named him "a giant in our community and a stalwart champion of the Jewish people, both at home and in Israel." * "You do some nutty things," Greenberg stated and he told ''

People A person (plural, : people) is a being that has certain capacities or attributes such as reason, morality, consciousness or self-consciousness, and being a part of a culturally established form of social relations such as kinship, ownership of pr ...

'' that his wife Kathryn told him, "you've made your money, and you can spend it any way you want."

Personal life

Alan Greenberg was married twice: *His first wife was Ann Greenberg"WEDDINGS; Kathleen Cigich, Ted Greenberg"
''The New York Times''. October 21, 2001. whom he divorced in 1976. They have two children: **Lynne Koeppel who was the first woman to own a seat on the

American Stock Exchange NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was known ...

. She later gave up her seat to focus on raising her two children, Allison and Melissa Frey. In 1991, she and her first husband, Jonathan Frey, divorced. Frey and his father-in-law engaged in a very public lawsuit over unpaid interest on a loan Greenberg had made to Frey for the purchase of the newly married couple's first home, a lawsuit Greenberg lost. Lynne is remarried to Caleb Koeppel, son of

Alfred J. Koeppel Alfred J. Koeppel (September 14, 1932 – January 19, 2001) was an American real estate executive and attorney. Koeppel was a member of one of the oldest real estate families in New York, and a board chairman at Trinity College in Hartford, Conn ...

. **

Ted Greenberg TED may refer to: Economics and finance * TED spread between U.S. Treasuries and Eurodollar Education * ''Türk Eğitim Derneği'', the Turkish Education Association ** TED Ankara College Foundation Schools, Turkey ** Transvaal Education Dep ...

who works, as his father did, in risk arbitrage at Dresdner Kleinwort, a subsidiary of

Dresdner Bank Dresdner Bank AG was a German bank and was based in Frankfurt. It was one of Germany's largest banking corporations and was acquired by competitor Commerzbank in May 2009. History 19th century The Dresdner Bank was established on 12 Novemb ...

in New York City. Ted is a graduate of

Harvard University Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of higher le ...

and was also a writer in the 1980s for ''

Late Night with David Letterman ''Late Night with David Letterman'' is an American late-night talk show hosted by David Letterman on NBC, the first iteration of the ''Late Night'' franchise. It premiered on February 1, 1982, and was produced by Letterman's production company ...

'' on NBC. Ted is married to Kathleen Marie Cigich (maiden name Durst). *In 1987, he married 40-year-old Kathryn A. Olson who is the board chair of

Cardozo School of Law The Benjamin N. Cardozo School of Law is the law school of Yeshiva University. Located in New York City and founded in 1976, the school is named for Supreme Court Justice Benjamin N. Cardozo. Cardozo graduated its first class in 1979. An LL.M. ...

and the founder of the New York Legal Assistance Group.

Death

On July 25, 2014, Greenberg died of cancer.

Bridge accomplishments

Greenberg was an avid

bridge A bridge is a structure built to span a physical obstacle (such as a body of water, valley, road, or rail) without blocking the way underneath. It is constructed for the purpose of providing passage over the obstacle, which is usually somethi ...

player, having won the Reisinger Board-a-Match Teams in 1977. In 1981, he won the

Maccabiah Games The Maccabiah Games (a.k.a. the World Maccabiah Games; he, משחקי המכביה, or משחקי המכביה העולמית; sometimes referred to as the "Jewish Olympics"), first held in 1932, are an international Jewish and Israeli multi-sp ...

teams bridge tournament"Bridge: United States Team Gains a Strong Victory in Israel"
Alan Truscott. ''The New York Times''. July 20, 1981. and was second in the Reisinger later that year.

Wins

North American Bridge Championships North American Bridge Championships (NABC) are three annual bridge tournaments sponsored by the American Contract Bridge League (ACBL). The "Spring", "Summer", and "Fall" NABCs are usually scheduled in March, July, and November for about eleven da ...

(1) ** Reisinger (1) 1977

Runner-up finishes

(1) ** Reisinger (1) 1981

References

External links

Alan C. Greenberg scrapbooks
a
New-York Historical Society
{{DEFAULTSORT:Greenberg, Alan 1927 births American chief executives of financial services companies American contract bridge players Jewish American philanthropists University of Missouri alumni Bear Stearns Businesspeople from Oklahoma City 2014 deaths Bear Stearns people 20th-century American businesspeople 20th-century American philanthropists 21st-century American Jews