Working on Wall Street is something many business people strive to do. They attend college, graduate school and perhaps more. This would seem to be the path to success.
Alan “Ace” Greenberg would beg to differ.
“Being persuasive … admitting when you are wrong, that is what makes a good trader,” said Greenberg, chairman of the Executive Committee of The Bear Stearns Companies Inc, in his interview with Charlie Rose at Quick Center for the Arts.
Greenberg feels that the best thing a Wall Street firm has to offer is its personnel.
He does not believe that one needs a college education to be successful in the business world. His firm, Bear Stearns will hire the right candidate regardless of there backgrounds.
“Most people have a business degree, I want them to have a PSD degrees,” said Greenberg, “A poor, smart, and deep desire to be rich degree.”
Though always looking for ways to improve his company alone, Greenberg believes everyone deserves a chance and that everyone should be making money. His firm wants to do exactly that.
“We try to make it a place where people, all kinds of people, get a chance to rise and rise quickly, and I think this works,” said Greenberg.
No specific degree is required but he believes deeply in culture. The culture of Bear Stearns is not to have any family working there together. “It works better that way,” said Greenberg.
Even if two people decide to marry he makes it clear one has to leave.
Greenberg also requires all of his senior executives to donate four percent of their yearly salary to charity. “We check their tax returns and usually most give more,” said Greenberg
The one thing Greenberg feels most strongly about is loving what one does. He believes that without that there is no way to be successful. “There is no question that you can be successful in business if you do not like what you are doing,” said Greenberg, “Liking your job is crucial to everything you do.”
Students reacted well to Greenberg’s speech, some were actually inspired.
“Does this mean I should drop out of school and go work for him?” said Keith Sena ’04.
Although Greenberg believes that everyone deserves a chance, he still looks for a lot in a candidate’s background.
He likes to see what others have to say, people such as friends and past co-workers. This he feels can help explain the person the best. “I don’t go with first impressions,” said Greenfield, “Anyone can make a good impression for five to ten minutes.”
Students found Greenberg to be refreshingly honest.
The discussion was held last Wedneseday and was hosted by acclaimed interviewer and journalist Rose. The format was similar to Rose’s PBS series, “Charlie Rose,” with a conversation-style format.
The event took place in the Kelley Theatre of Fairfield University’s Regina A. Quick Center for the Arts. The Charles F. Dolan School of Business at Fairfield University sponsored the event,.
Greenberg has been affiliated with Bear Stearns for more than 50 years, joining the firm in 1949 as a clerk and subsequently becoming a trader.
During his long career, Greenberg has built a reputation as one of Wall Street’s most successful traders and industry visionaries. Under his leadership, Bear Stearns became one of the industry’s top market makers and clearinghouses.
“Mr. Greenberg is a legendary figure in the financial services industry,” said Norman Solomon, Ph.D., dean of the Dolan School of Business, in a university press release.
“His business acumen, his compassion for his employees and his strong support of a variety of philanthropic endeavors clearly make him a role model for our students. We are indeed fortunate to have an individual of Mr. Greenberg’s stature visit us.”
Bear Stearns prides itself on its people who work there. Money rises and falls, but the people are a lot harder to make up for. People who are willing to work hard and with others will succeed, said Greenberg.
“The optimist makes money, not the pessimist … If you are going to do something, do it well,” he said.
A university press release contributed to this report.
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