Alan Schwartz

Alan Schwartz replaced Jimmy Cayne as CEO of Bear Stearns in January 2008 during the emerging crisis. Just two months later, Bear Stearns faced a run on its assets when counterparties began withdrawing. The Federal Reserve and Treasury facilitated an emergency sale to JPMorgan Chase at $2 per share — later raised to $10 — in March 2008. Bear Stearns was the first major financial institution to fail in the 2008 crisis, and its rescue established a precedent for government intervention in future bank failures. Schwartz later became executive chairman of Guggenheim Partners. At Guggenheim, he helped oversee the firm's expansion into investment banking advisory, capital markets, and institutional asset management, transforming the firm from primarily an investment management business into a more comprehensive financial services enterprise.