Alan David Schwartz[1] is an American businessman and is the executive chairman of Guggenheim Partners, an investment banking firm based in Chicago and New York City.
He was previously the last president and chief executive officer of Bear Stearns when the Federal Reserve Bank of New York forced its March 2008 acquisition by JPMorgan Chase & Co.[2] Born in Bay Ridge, Brooklyn, he is the son of a Jewish traveling salesman and Presbyterian housewife from Kansas.
Schwartz became sole President and COO in August 2007 after Warren Spector (the original heir-apparent to Chairman and CEO Jimmy Cayne) was forced to resign in the wake of the collapse of two hedge funds, which foreshadowed the upcoming subprime mortgage crisis and financial meltdown.
After the deal with JPMorgan was announced, the fire sale price of the stock prompted a reportedly angry confrontation between Schwartz and senior trader Alan Mintz in the company gym.
[9] In June 2009, Schwartz became executive chairman of Guggenheim Partners, an investment banking firm based in Chicago and New York.