I’ve written about bank and Wall Street execs who got paid large, then bailed after they destroyed their firms.
• Lehman Brothers Chairman and CEO Richard Fuld Jr. sold nearly a half-billion –$490 million – from selling LEH stock in the years before Lehman filed for Chapter 11 Bankruptcy
• Countrywide Financial (now owned by Bank of America) founder and CEO Angelo Mozilo cashed in $122 million in stock options in 2007; His total take is estimated at over $400 million dollars;
• Stanley Neal, who steered Merrill Lynch into financial collapse before it was taken over in a shotgun wedding with Bank of America in 2008, was given a package of $160 million when he “retired.”
• Bears Sterns (now JPM) former chairman Jimmy Cayne, rescued by a $29 billion Fed shotgun wedding to JPM, received $60 million when he was replaced;
• Fannie Mae (FNM) CEO Daniel Mudd received $11.6 million in 2007. His counterpart at Freddie Mac (FRE) Richard Syron, brought in $18 million. In 2008, the two GSEs were insolvent and forced into government conservatorship.
• Washington Mutual, Wachovia, Indy Mac ?
My question is simple — but I want hard numbers and sources: Who were the Top 10 most over-compensated executives?
I suspect its gonna be tough to top the unholy trinity of Fuld, Mozilo and O’Neal . . .
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