He was the CEO of Bear Stearns, the New York based global investment bank and securities trading and brokerage firm, during the financial collapse of 2008.
He worked as a traveling salesman, selling photocopiers in the Midwest, and later sold scrap iron and municipal bonds.
After reports surfaced that he was away from New York participating in a bridge tournament when his company collapsed, CNBC named him one of the Worst American CEOs of All Time and he was also named in Time Magazine's list of 25 People to Blame for the Financial Crisis.
He had one child, Allison Cayne Schneider.
Henry Paulson was also blamed for the 2008 financial crash.