Of Aces and busted flushes

ALAN “ACE” GREENBERG chose his nickname to improve his chances with girls at the University of Missouri. But it is an apt encapsulation of his trading skills on Wall Street. This week, as the 73-year-old steps down as chairman of Bear Stearns, the investment bank where he has worked since 1949 is on a high. It recorded an increase in post-tax profits in the second quarter of 43% on a year earlier, at a time when many of its Wall Street rivals have stumbled. On June 26th Merrill Lynch issued a warning that its profits in the second quarter would fall by half, far short of expectations. Goldman Sachs and Morgan Stanley have also reported lower profits.