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13th September 2013, 22:49
In the event that you may have been wondering how these folks have been coping during the past 5 years, this article provides in depth information. The financial status of five of the ex-CEOs is summarized below.
Source: http://www.publicintegrity.org/finance/after-meltdown
In the fall of 2008, the U.S. economy nearly collapsed thanks to an unprecedented wave of mortgage foreclosures. In “After the Meltdown — Where are they now?” the Center for Public Integrity revisits the subprime lenders, Wall Street banks and government regulators that were most responsible for the crash — and finds few if any have been held accountable. Examples include:
Richard Fuld, former CEO of Lehman Brothers Holdings Inc.
Fuld earned about $69.5 million in 2007, the year before Lehman Brothers filed for bankruptcy in Sept. 2008. From 2000 to 2007, he was awarded about $889.5 million and cashed out about $529 million of that before the company went bankrupt.
He owns homes in Greenwich, Connecticut, Jupiter Island, Florida and a ranch in rural Idaho.
Fuld has since started a consulting firm called Matrix Advisors LLC.
Jimmy Cayne, former CEO of Bear Stearns Cos Inc.
Cayne retired from his CEO position in January 2008 after the company said it lost $1.7 billion in bad home loan bets. From 2000 until his retirement in 2008, he brought home about $376.6 million.
He has residences in New York City's Plaza Hotel, a second New York City apartment on Park Avenue, Long Branch, New Jersey and Boca Raton, Florida.
Cayne now spends his time playing bridge online and in tournaments.
Chuck Prince, former CEO of Citigroup Inc.
Prince resigned in November 2007 when the company announced it lost as much as $11 billion on subprime mortgage-backed securities. His golden parachute was $28 million, on top of $65.2 million in salary and bonuses since 2000 — a total of $93.2 million.
He has two homes: one in Nantucket, Massachusetts, and another in North Palm Beach, Florida.
He’s on the boards of Xerox Corp. and Johnson & Johnson Inc.
Stanley O’Neal, former CEO of Merrill Lynch & Co.
O'Neal was fired in November 2007 after Merrill Lynch lost $8 billion on mortgage-backed securities, and was given a golden parachute of $161.5 million.
He has a Park Avenue apartment in New York City and a home in Edgartown, Massachusetts, in Martha's Vineyard.
O'Neal is on the board of Alcoa Inc.
Kenneth Lewis, former CEO of Bank of America Corp.
Lewis retired in September 2009 and got a payout of $83 billion in addition to the estimated $138.8 million he took home in cash, bonuses and stock sales between 2000 and 2008 — for a total of $221.8 million.
He's sold two homes in the past two years: one in Charlotte, North Carolina and another in Aspen, Colorado. He owns a condo in Naples, Florida.
Source: http://www.publicintegrity.org/finance/after-meltdown
In the fall of 2008, the U.S. economy nearly collapsed thanks to an unprecedented wave of mortgage foreclosures. In “After the Meltdown — Where are they now?” the Center for Public Integrity revisits the subprime lenders, Wall Street banks and government regulators that were most responsible for the crash — and finds few if any have been held accountable. Examples include:
Richard Fuld, former CEO of Lehman Brothers Holdings Inc.
Fuld earned about $69.5 million in 2007, the year before Lehman Brothers filed for bankruptcy in Sept. 2008. From 2000 to 2007, he was awarded about $889.5 million and cashed out about $529 million of that before the company went bankrupt.
He owns homes in Greenwich, Connecticut, Jupiter Island, Florida and a ranch in rural Idaho.
Fuld has since started a consulting firm called Matrix Advisors LLC.
Jimmy Cayne, former CEO of Bear Stearns Cos Inc.
Cayne retired from his CEO position in January 2008 after the company said it lost $1.7 billion in bad home loan bets. From 2000 until his retirement in 2008, he brought home about $376.6 million.
He has residences in New York City's Plaza Hotel, a second New York City apartment on Park Avenue, Long Branch, New Jersey and Boca Raton, Florida.
Cayne now spends his time playing bridge online and in tournaments.
Chuck Prince, former CEO of Citigroup Inc.
Prince resigned in November 2007 when the company announced it lost as much as $11 billion on subprime mortgage-backed securities. His golden parachute was $28 million, on top of $65.2 million in salary and bonuses since 2000 — a total of $93.2 million.
He has two homes: one in Nantucket, Massachusetts, and another in North Palm Beach, Florida.
He’s on the boards of Xerox Corp. and Johnson & Johnson Inc.
Stanley O’Neal, former CEO of Merrill Lynch & Co.
O'Neal was fired in November 2007 after Merrill Lynch lost $8 billion on mortgage-backed securities, and was given a golden parachute of $161.5 million.
He has a Park Avenue apartment in New York City and a home in Edgartown, Massachusetts, in Martha's Vineyard.
O'Neal is on the board of Alcoa Inc.
Kenneth Lewis, former CEO of Bank of America Corp.
Lewis retired in September 2009 and got a payout of $83 billion in addition to the estimated $138.8 million he took home in cash, bonuses and stock sales between 2000 and 2008 — for a total of $221.8 million.
He's sold two homes in the past two years: one in Charlotte, North Carolina and another in Aspen, Colorado. He owns a condo in Naples, Florida.