Financial CEOs laughing all the way to the bank

The Big Picture ^ | Barry Ritholtz

[too_cool_for_skool]

• Lehman Brothers Chairman and CEO Richard Fuld Jr. made $34 million in 2007. Lehman (OTC:LEHMQ) filed for Chapter 11 Bankruptcy protection earlier this month. Fuld also sold nearly a half-billion –$490 million – from selling LEH stock;

• Goldman Sachs (NYSE:GS)paid its Chairman and CEO Lloyd Blankfein $70 million last year. Co-Chief Operating Officers Gary Cohn and Jon Winkereid were paid $72.5 million and $71 million, respectively.

• Bears Sterns (BSC JPM)former chairman Jimmy Cayne, rescued by a $29 billion Fed shotgun wedding to JPM, received $60 million when he was replaced;

• American International Group (AIG) chief executive Martin Sullivan got a $14 million compensation package in 2007. He was ousted in June. The insurance giant (NYSE:AIG) is on the receiving end of an $85 billion federal bailout. Robert Willumstad was handed $7 million for his three months at the helm. (Edward Liddy took over as AIG’s chief executive earlier this month).

• Morgan Stanley (MS) Chairman John Mack earned $1.6 million + stock. Chief Financial Officer Colin Kelleher got a $21 million paycheck in 2007. Morgan Stanley also received an expedited approval to become a banking holding company in 48 hours -- that's record time.

• Countrywide Financial's (CWF BAC) founder & CEO Angelo Mozilo, which has been at the forefront of the subprime fiasco, cashed in $122 million in stock options in 2007; His total take is estimated at over $400 million dollars;

... more at the original article

[too_cool_for_skool]

These jerks got HUNDREDS OF MILLIONS of dollars running their companies into the ground and now they want to stiff every man, woman, and child in America with the clean-up bill.

NO BAILOUT WITHOUT CEO PAY CLAWBACK!!

[Notary Sojac]

I’ll support the bailout if Angelo Mozilo will let me borrow his Lamborghini on Saturday nights.

[HamiltonJay]

Well Countrywide’s CEO blatantly engaged in pump and dump while he cashed out that nearly 1/2 a Billion, and law enforcement did and is going to do NOTHING.

These CEO’s (And many others up there) are criminals and traitors, and they aren’t alone, they need to be dragged from their offices, and shot in the street for the self serving traitors that they are.

[Deb]

You already said that.

[sauropod]

You gonna put forth a Bill of Attainder to force this?

BTW, that’s unconsitutional.

[Kozak]

Look the CEO compensation isn’t a pimple on an elephants ass in this mess get it? And I don’t care if once this mess is straightened out they get hung up by piano wire from the nearest lamppost. But if they don’t get the capital markets working again pretty damn quick, 1929 is going to look like a minor economic dislocation.

[ColdSteelTalon]

Yep they get paid John Q taxpayer gets stuck with the bill. By the way they are wanting to get this bailout done so that the investors can pull thier (our) money out of wall street. October is profit taking month for them.

[Notary Sojac]

I know, but I really, really want a ride. After all, the currency debasement we’ll see after the Paulson-Dodd-Schumer plan kicks in will ensure I’ll never have a Lambo of my own.

[DustyMoment]

This is exactly why there should be no bailout for these people.

The world will not come to an end. America will not cease to exist.

And the federal government is NOT the world’s largest welfare agency for these multimillionaire, incompetent crooks. If their respective board of directors chose to keep them in light of declining performance and revenue, they did so at their own peril.

John and Jane Q. Taxpayer should NOT have to spend their tax dollars to bail these folks out. They broke it, THEY can fix it!!

[Diogenesis]

"The CEOs have agreed to send us millions under the table. We win."

A hasty, unfair, bailout -- without citizens voting--
and with the illegal aliens contributing nothing
requires every American family to fork over at least $30,000
to the very bankers, schemers, Congressba&tards who invited
all the crimillegal aliens in, in the first place, creating the mess.

They should not be put in charge. They should be imprisoned.

Dodd must resign. Dodd and Gorelick must be tried -- and NOT be rewarded (again).

[Scythian]

I posted a big no bailout thread and the majority of freepers are for the bailout, buying into the end of the world hysteria ...

[Deb]

Don’t be so needy. It’s very unattractive.

[SteamShovel]

These jerks got HUNDREDS OF MILLIONS of dollars running their companies into the ground and now they want to stiff every man, woman, and child in America with the clean-up bill.

I'm not one of these anti-CEO types.

But I see time and time again CEOs who purposely ruin a company, many times in perfectly legal ways, for the sole purpose of lining their pockets.

Personally, I think that even if the "methods and tools" used to ruin the company are perfectly legal (ie very risky but legal investments, etc) if the motives are personal, that CEO is not performing in the best interest of the shareholders and company employees. In that case, it is fraud and should be prosecuted.

[grey_whiskers]

You can make a great Spoonerism out of Dick Fuld's name.

Cheers!

[grey_whiskers]

These CEO’s (And many others up there) are criminals and traitors, and they aren’t alone, they need to be dragged from their offices, and shot in the street for the self serving traitors that they are.

When the threads come back up, click here.

You might feel somewhat vindicated.

Cheers!

[steve86]

Guantanamo resources could be better used — I say start making CEO name plates to adorn each cot.

[Red in Blue PA]

Re: NO BAILOUT WITHOUT CEO PAY CLAWBACK!!

Agree 10000% percent!

Strip them of everything but a simple home and car.

[Red in Blue PA]

I believe that as the bill is written, these people are exempt from prosecution.

That is simply unacceptable.

[who_would_fardels_bear]

"Strip them of everything but a simple home and car."

Simple Home:

Simple Car:

[Bommer]

First of all its the board that decides on pay. Secondly the combined pay verses the mess they created is like pissing in the ocean to see how much it rises. That being said however, since it was their management that is screwing the taxpayers, I say impoverish the lot of them. Strip them of every dime, stock, house and car from them and their wives and kids. Send the message loud and clear what will happen to the rest of the CEO’s out there by making these people homeless and bancrupt. Show no mercy and destroy them!