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Bear Stearns president quits
Warren Spector, co-president and co-chief operating officer of Bear Stearns, has become the latest and highest-ranking casualty of the failure of two of the bank's hedge funds.
Last month, Michael Fedak, the bank's head of interest rate and municipal derivatives, also resigned. In July, two Bear Stearns' hedge funds lost billions of dollars after a decline in US subprime mortgage quality led to margin calls.
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