The Center for Public Integrity's
After the Meltdown
series documents the fate of the regulators, executives, and firms that were most directly responsible for the subprime meltdown, and demonstrates that the top bankers for firms like Lehman got unbelievably rich due to their failures, and are still in business with lucrative consulting firms (for example, Lehman CEO Richard Fuld walked away with several hundred million in cash and now has homes in three states and a personal consulting outfit). Consumerist's Chris Morran has done a great job of summarizing the findings:
Former Bear Stearns CEO Jimmy Cayne isn’t working as hard as Fuld, though he did make around $376 million before “retiring” after Bear Stearns lost billions on toxic mortgages. Don’t expect to run into this guy at your parents’ assisted living facility, as he’s holed up in the Plaza Hotel with Heloise, playing in online bridge tournaments. The horror.
Merrill Lynch lost $8 billion under the leadership of Stanley O’Neal, but unlike Cayne he hasn’t taken to living like a wealthy retiree. Instead, he took his $165 million golden parachute and traded it for aluminum, landing a seat on the board of Alcoa.
Ken Lewis’ hubris and desire to lead the world’s largest bank resulted in Bank of America snatching up Countrywide and Merrill Lynch as they swooned. Except he didn’t really do his due diligence, or he would have seen that these two acquisitions would result in penalties, settlements, adjustments, and other costs totaling more than $40 billion. That doesn’t even factor in how BofA went from being viewed as a beloved outsider to becoming maybe the most-reviled bank in the nation in just a few years.
And yet, he walked away with around a quarter of a billion dollars. He did recently sell his home near the BofA HQ in Charlotte, NC. We can only assume it’s because current CEO Brian Moynihan kept egging Lewis’ car and writing nasty notes in shaving cream on the windshield.
After the Meltdown
Indian Prime Minister Narendra Modi is an authoritarian war criminal who is part of the worldwide surge of trumpist leaders and hopefuls, including Philippines president Rodrigo Duterte; Hungary’s Viktor Orbán; Russia’s Vladimir Putin; South Korea’s Park Geun-hye; France’s Marine Le Pen; the UK’s Nigel Farage, Turkey’s Recep Tayyip Erdoğan and others — bound together by […]
Though the October polls that predicted a great showing for the Pirate Party in the Icelandic elections turned out to be wrong, that election did end with a deeply divided parliament that has been unable to find enough common ground upon which to form a new government.
With the passage of the Snoopers Charter earlier this month, the UK has become the most-surveilled “democratic” state in the world, where service providers are required to retain at least a year’s worth of their customers’ browsing history and make it searchable, without a warrant, to a variety of agencies — and no records are […]
These days, there’s definitely no shortage of touchscreen gloves available, but the key is finding ones that consistently work well. These iGloves Touchscreen Gloves are super reliable, and are on sale for just $11.99.Super comfortable and functional, these gloves will keep your hands warm and still let you use any touchscreen, from phones to tablets. The iGloves’ […]
The Black Friday Mac Bundle 2.0 is one of the Boing Boing Store’s best-selling Mac bundles yet, and it’s about to come to an end. If you don’t get your copy now, here’s what you’ll be missing:This bundle comes packing 9 top-rated Mac apps in one package, at the hugely discounted price of just $23.99. […]
The Boing Boing Store’s Gift Guide is full of ideas for pretty much anyone in your life like hipster ice cub trays, Xbox controllers, Halo Boards, and even diamond necklaces. As always, all products in the Boing Boing Store come at great discounts, too. Shop by price bucket starting at under $20. Under $20:Bloxx Jumbo Ice Trays […]