Tuesday, September 30, 2008

Wallstreet Fatcats

What exactly did they do to earn these outrageous sums of money? ...
Destroy companies
Put people out work
Put house-debtors on the street
Precipitate an economic collapse

Forbes: What The Wall Street Titans Whores Earned

Richard Syron
Former chief executive officer, Freddie Mac
One-year total pay: $3.4 million
Five-year total: $29.06 million

Daniel Mudd
Former chief executive officer, Fannie Mae
One-year total pay: $8.79 million
Two-year total: $20.77 million

Martin J. Sullivan
Former chief executive officer, American International Group
One-year total pay: $10.9 million
Three-year total: $39.6 million
Shareholders pressured him to quit in June. Severance package plus bonus: $19 million

Alan D. Schwartz
Former chief executive officer, Bear Stearns (effective Jan. 8, 2008)
One-year total pay: $10.4 million
Long-time Bear employee replaced James Cayne as CEO in January 2008. At the time he took over, said Bear was "rock solid" with a "strong capital position." A few months later, the federal government pushed Bear into the arms of JPMorgan Chase.

James E. Cayne
Former chief executive officer, Bear Stearns
One-year total pay: $11 million
Two-year total: $49.31 million

John Thain

Chief executive officer, Merrill Lynch
One-year total pay: $15.8 million

John J. Mack

Chief executive officer, Morgan Stanley
One-year total pay: $17.7 million
Three-year total: $56 million
Mack took over in 2005 with plans to take on more risk.

Kenneth Lewis

Chief executive officer, Bank of America
One-year total pay: $20.13 million
Five-year total: $165.49 million

James Dimon
Chief executive officer, JPMorgan Chase
One-year total pay: $20.68 million
Three-year total: $88.88 million.

Richard S. Fuld Jr.
Chief executive officer, Lehman Brothers
One-year total pay: $71.9 million
Five-year total: $354 million


tom12008 said...

It's fitting that this comes out of Forbes, and you corrected the title. I've read some lame spin lately from them and Fortune.

There are a lot of writers that don't seem to get that "saving the American economy" doesn't resonate with individuals and groups that do not see themselves as "within the economy" so much as at its margins or beyond its periphery. Additionally, they seem unaware that the most recent events are changing many conversations about business ethics throughout the country. They seem stuck in the late 1990s in some cases.

What's going on here, Tyrone? I know that I smell fear in some of these articles, and that somehow the realization that the 1990s were too much like the 1920s is starting to sink in, but all they can do is cross themselves at any mention of regulation, fair employment practices, or anything else that could "inhibit growth".

Well, actually they can cross themselves and hang wreaths of garlic on all the windows of their over-leveraged, soon-to-be-foreclosed upon houses.

Thanks for the update on these crooks. I hope the sardonic remarks are OK. I've just been shocked by some of the "journalism" I've read and heard in the media even more than by the bank failures and stock plunges. I expepected those.

I did not expect the MSM responses to echo the patterns of 1929-1930 so much,nor was I prepared for the way opponents of the bailout have been depicted in local and national media (they are always followed by someone who claims that the bailout is inevitable and necessary). Those are the things that have really disturbed me.

Thanks for the article,


Jeff D said...

Someone posted a response to a comment I left over a year ago on your blog and I got directed back here to your fine blog.

Glad to see you've kept on top of things. Just been catching up on what you've posted.

Great stuff! I am also totally appalled at the ludicrous sums of money these pigs are getting for destroying their companies and an entire economy with their reckless ways.......

Boggles the mind.........

Tyrone said...

Yep, it's pretty disgusting. If you listen to Gerald Celente, he says exactly what I've said and believed, "Nobody is worth 10's or hundreds of millions."

If the powers that be can't keep this meltdown under control, revolution is a possibility. Although Celente would tell you it's already guaranteed.

Jeff D said...

I think revolution is a certainty - but people are stupid and need to get bashed over their feeble heads more yet.

I for one have been pissed off enough for 100 people for several years now (10 actually) - but until the rightful anger spreads to the masses - it won't happen.

Eventually yes - but how long is it going to take? That is the real question.

The FED and Government clowns are hellbent on printing their way out of this mess. It's INSANE what they are doing - to fight what got us into trouble with more of the same. I don't understand why these same clowns that got us into trouble are the ones being given the control to get us out of the mess THEY CREATED!!!!!!!


Anyway - we must just bide our time and watch the circus act continue to unfold......

All the best to you.....