We were feeling bad for Bear Stearns CEO Alan Schwartz yesterday. He finally made CEO, and right after that, the company crashed and burned spectacularly. The SEC and the city comptroller are sniffing around him, and he practically cried in a meeting the other day. And now things have taken a turn for the worse in Schwartz's life. He was going to try to sell his house in Purchase, New York, for $4.5 million ($2 mil more than he paid for it in 2000! Not bad!), but that was before he and his brethren ruined the market. Now, he has to rent out the three-story, six-bedroom home with a playroom, a wine cellar, and views of Long Island Sound and the ninth green of the Golf Club of Purchase, and split his time between only two homes: the seventeen-room, $10.4 million mansion in Greenwich, Connecticut, and the condo in Colorado. You see? This recession affects everyone.

Bear Stearns CEO Is Said to Rent House [WSJ]