Talk about bad bosses. Lee Seidler says that after he debuted at No. 1 in Accounting on the All-America Research Team, in 1976, his research director at Bear, Stearns & Co. told him, Now you have only one way to go down.
Seidler got the last laugh, however. In October 1989, immediately after that years survey results revealed a 14th consecutive appearance atop the sector, he announced that he was leaving the firm. I never did go down, Seidler jokes, because I stayed there until I retired.
He joined Bear Stearns after losing his auditing job at Price Waterhouse: They had to take a big write-off, but Price Waterhouse fired me, not the client, says Seidler, 76. During his time at both firms, Seidler was a lecturer at New York University Graduate School of Business ironically, as the Price Waterhouse professor of auditing.
I really had a lot of fun in my career at Bear Stearns, adds Seidler. How did he fare when the firm collapsed in 2008, an early victim of the subprime crisis? I got rid of my stock well before its demise, he says.
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