No, stupid bankers were not punished.
If they had been, then Citigroup would have ceased to exist. BofA would be broken up and out of business today. Their books are packed with crap debt.
BofA obviously never did even a hint of due diligence on their acquisition of Countrywide, and that should have been their death penalty.
Playing stupid games should merit stupid prizes.
Jimmy Cayne lost $1 billion.
Not sure how much Dick Fuld lost, but it had to have been in the 9 figures.
If they had been, then Citigroup would have ceased to exist. BofA would be broken up and out of business today.
Bankers can't be punished unless their bank fails?
How much did Ken Lewis and Pandit lose?
BofA obviously never did even a hint of due diligence on their acquisition of Countrywide, and that should have been their death penalty.
They bought it because the Treasury and Fed begged them to. I agree it was stupid. And that no bank will ever do that again, no matter who asks.