August 6, 2007 (LPAC)-- Bear Stearns continues to lead Wall Street on the way to collapse. Warren Spector, Bear Stearns co-president and co-chief operating officer, was forced to resign Sunday at a meeting of the securities firm's board of directors. Shares of Bear Stearns stock fell today to the lowest level since October 2006. The second-largest underwriter of mortgage-backed securities, behind Lehman Brothers, Bear Stearns has lost about $7 billion in market value since two of its hedge funds collapsed in June due to bad bets on subprime mortgages, and last week blocked investors from pulling money out of a third fund.