Report: Ousted Bear co-prez laughs last

Former co-president Warren Spector is sitting pretty after cashing out more than $300 million, according to the New York Post.

Despite being pushed out of The Bear Stearns Cos. Inc. for his role in the implosion of two hedge funds last June, ousted co-president Warren Spector is sitting pretty, after he cashed out more than $300 million, according to a report in The New York Post.
The news comes amid reports that Bear’s top executives — chairman Jimmy Cayne, chief executive Alan Schwartz and chief financial officer Sam Molinaro — are likely to get a meager payout for their stakes in Bear if JPMorgan Chase’s proposed $2-per-share acquisition goes through.
In 2004, Mr. Spector quarreled with with his boss, Mr. Cayne, over his share of a company compensation plan.
As a result, Mr. Spector began dumping his stock and options — unloading $195 million in the weeks following their scuffle, according to the Post.
Until he left the firm in the summer of 2007, he continued to sell his stock, collecting an upward of $300 million, said the Post.