Former Bear Stearns CEO Alan Schwartz has had a lot of time to think since that night at the Breakers resort in Palm Beach, when he told the world the firm didn't have any liquidity problems, "let alone a liquidity crisis," four days before it was sold at a fire-sale price to JPMorgan, and as part of his spiritual and mental cleanse he has come to realize there is no going back, there is only acceptance. "What matters to me is the people inside know that I and others were trying to do the best we could," he told the Journal this morning.
When asked whether he would have done anything differently when the company was in distress, he said: "No, I'm at peace with that. It's time to move on."
And now, a little over a year later, after having a powerful vision in a sweat lodge or perhaps after partaking of an herbal drink with some fine Tibetan gentlemen at the foot of the Himalayas (we imagine), Schwartz is ready to reenter the work force.
He has taken a job with Guggenheim Partners, a small fund owned by Those Guggenheims.
"Fate has dealt me an opportunity to start from scratch," said Mr. Schwartz. He said he had viewed Bear Stearns as a place where "your own individual actions can have a significant impact on the entire endeavor." With this move, "I have come full circle," he said. "Now I can make a difference.
Sweet. See you at Jivamukti, Alan.