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Saturday, 27 September 2008
Top Ten Poster Boys Of The U.S. Financial Crisis

Stan O'Neal (the suit on the right) was one of the architects of the subprime program. We have to give him number one spot in our rogue's gallery of financial screwups.

  1. Stanley O'Neal former CEO of Merril Lynch walked away with 66 million dollars in severance.
  2. Charles Prince former CEO of Citigroup got a 16 million dollar package.
  3. Richard Syron former CEO of Freddie Mac received $18,000,000 last year in pay and bonuses.
  4. James Cayne former Bear Stearns CEO escaped financial hardtimes with a $33,000,000 package.
  5. Despite the Lehman Brothers bankruptcy, Richard Fuld made off with $34,000,000 through share selling before the company collapsed.
  6. Despite the enormous debts of Fannie Mae, former CEO, Daniel Mudd, received $11,600,000 million in pay and bonuses.
  7. The Bank of America took over Merrill Lynch at $29.00 dollar a share. Half of what it was last year. Despite that, CEO John Thain still received $17,300,000 in pay last year.
  8. Former Wachovia CEO, Ken Thompson paid 25 billion for a California mortgage lender, but still had a good payday of $16,000,000 last year.
  9. AIG CEO, Martin Sullivan, was bailed out earlier this month. He was paid $14,000.000 last year.
  10. It wasn't a good year for Goldman and Sachs' CEO, Lloyd Blankfein, but he was paid very well anyway to the tune of $70,300,000 last year.

Whatever happened to rewarding someone for doing well and penalizing them for doing poorly?

It's time for American taxpapers to get on politicians' cases about this issue.


Posted by qualteam at 11:14 AM EDT
Updated: Saturday, 27 September 2008 4:30 PM EDT

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