Credit Crunch Cash Kings
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Manuel Balce Ceneta, AP
Golden Parachutes
Though they were at the helm of companies that were bruised or broken by the credit crunch, these 12 CEOs still qualified for big severance packages. Take a look at these subprime CEOs and their golden parachutes, including the one who apparently declined his multi-million dollar exit package. The packages include cash, benefits, stock options and other forms of compensation and are based on company proxy statements.
(Data from James F. Reda & Associates, the prominent independent compensation consultant.)
First Up: Alan Fishman -
Getty Images
Alan Fishman
Total: $19 million
Company: Washington Mutual
Fishman was paid $19 million for three weeks of work. He joined WaMu on Sept. 8 and left on Sept. 25, 2008. The bank was seized by the FDIC -- the largest bank failure in US history -- and parts of it were bought by JPMorgan Chase.
Next: Stanley O'Neal -
Stanley O'Neal
Total: $161 million
Company: Merrill Lynch
Merrill Lynch ousted O'Neal from his position on Oct. 28, 2007 shortly after the company reported $8 billion in write-downs. John Thain replaced him as CEO.
Next: Charles Prince -
Charles Prince
Total: $105 million
Company: Citigroup
Prince resigned from his position on Nov. 4, 2007 after the company announced $11 billion in write-downs.
Next: Angelo Mozilo -
Angelo Mozilo
Total: $56 million
Company: Countrywide
Mozilo stepped down from the CEO spot on July 1, 2008 after leading Countrywide for 39 years. Bank of America bought the troubled mortgage lender in Jan. 2008.
Next: Kerry Killinger -
Kerry Killinger
Total: $44 million
Company: Washington Mutual
Killinger was removed as CEO on Sept. 8, 2008. He was replaced by Alan Fisherman, who led the company for three weeks until the bank was seized by the FDIC and sold to JPMorgan Chase.
Next: Ken Thompson -
Chuck Burton, AP
Ken Thompson
Total: $42 million
Company: Wachovia
Thompson was removed from his position on June 1, 2008 following questions about a major acquisition as well as heavy losses. Once the fourth largest bank in the US, Wachovia was later bought by Citigroup in Sept. 2008.
Next: Richard Fuld -
Kevin Wolf, AP
Richard Fuld
Total: $24 million
Company: Lehman Brothers
Fuld's four-decade career with Lehman took a hit on Sept. 15, 2008 when the investment bank filed for Chapter 11 bankruptcy protection, the largest such case in US history.
Correction: The original caption stated that Fuld's career "came to an end", implying he was no longer with the firm, effective Sept. 17, at the time Barclays officially announced it was buying parts of Lehman. In fact, Fuld has remained with the firm since the Chapter 11 filing on Sept. 15. Furthermore, the introductory page to this slideshow feature stated that all of the CEOs pictured had "lost their jobs."
Next: Richard Syron -
Getty Images
Richard Syron
Total: $16 million
Company: Freddie Mac
Freddie Mac, led by Syron until Sept. 8, 2008, was taken over by the federal government along with Fannie Mae.
Next: James Cayne -
AP
James Cayne
Total: $13 million
Company: Bear Stearns
Several months after two hedge funds collapsed, Cayne stepped down from the CEO position on Jan. 8. Bear Stearns was bought by JPMorgan Chase in a Fed-engineered deal in March.
Next: John Thain -
Chip Somodevilla, Getty Images
John Thain
Total: $9 million
Company: Merrill Lynch
Thain served as CEO of Merrill Lynch for less than a year, before Bank of America bought the investment bank for $50 billion on Sept. 14, 2008.
Next: Daniel Mudd -
Mark Wilson, Getty Images
Daniel Mudd
Total: $8 million
Company: Fannie Mae
Fannie Mae, led by Mudd until Sept. 8, 2008, was taken over by the federal government along with Freddie Mac.
Next: Robert Willumstad -
Reuters
Robert Willumstad
Total: $22 million (was declined)
Company: AIG
Willumstad reportedly rejected a $22 million severance package from troubled insurance giant AIG. He was replaced as CEO on Sept. 17, 2008 after the company received an $85-billion loan from the federal government in exchange for a 79.9 percent stake in the company.
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What the Wall Street Crisis Means For You
Politicians, economists, columnists and bloggers have offered numerous stark predictions about how the current financial crisis and government bailout will affect average Americans. But the truth is that Wall Street's crisis, which kicked off September 15 with the fall of Lehman Brothers, Merrill Lynch and AIG, is already affecting Main Street.
Click through our gallery to see our list of eight ways your finances are already being affected by the current financial meltdown.
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Recent Comments
Vigdor 10:28:49 AM Oct 13 2008
the stock injection plan is definitely the right way to go. You have to ask yourself what the hell were all these government guys doing wailing around and why did Paulson want to buy toxic assets instead of preferred stock?There's a tremendous site about the stock injection - it has 4 parts that are must viewing! Check it out http://www.StockInjectionPlan.org - go there it's your duty!this is a great site with lots of info. check it out.
Vigdor 10:28:12 AM Oct 13 2008
the stock injection plan is definitely the right way to go. You have to ask yourself what the hell were all these government guys doing wailing around and why did Paulson want to buy toxic assets instead of preferred stock?There's a tremendous site about the stock injection - it has 4 parts that are must viewing! Check it out http://www.StockInjectionPlan.org - go there it's your duty!
AgnesPisbody 03:17:54 AM Oct 07 2008
Remember Martha Stewart went to prison for less.Where were the auditors and actuaries ? Where was Barney Frank and Chris Dodd ? Today you have some schmo in the hearings complaining Lehman had to go bankrupt before the bailout. I hate it when that happens.
EPlanningC 02:59:37 AM Oct 07 2008
STOP WHAT YOUR DOING AND PAY ATTENTION!http://www.npr.org/templates/story/story.php?storyId=95395712 This is a link to " THE STOCK INJECTION PLAN"This plan has been placed on a bill for our congress to approve or veto. Please learn about this plan. BANKS HATE IT AND ARE USING LOBBYIST TO STOP THIS PLANS APPROVIAL INTO LAW. Tax payers will be protected.The Stock Injection Plan will MAKE the banks FINANICALY Responsible as to their actions. If you agree contact your Congressional Representatives.GOD BLESS AMERICA ! ! !
EPlanningC 02:58:16 AM Oct 07 2008
STOP WHAT YOUR DOING AND PAY ATTENTION!http://www.npr.org/templates/story/story.php?storyId=95395712Above is a link to " THE STOCK INJECTION PLAN"This plan has been placed on a bill for our congress to approve or veto. Please learn about this plan. BANKS HATE IT AND ARE USING LOBBYIST TO STOP THIS PLANS APPROVIAL INTO LAW. Tax payers will be protected.The Stock Injection Plan will MAKE the banks FINANICALY Responsible as to their actions. If you agree contact your Congressional Representatives.GOD BLESS AMERICA ! ! !
RSlover108 02:42:58 AM Oct 07 2008
THE GOVERMENT WOULD HAVE NOTHING TO LOOSE AND EVERYTHING TO GAIN BY LETTNG THESE HOMES TO BE SOLD ANQ. MY FIRST HOME WAS A ANQ IT COST ME 1800 AND CHANGE TO GET IN AND NOW THREE HOMES LATER I HAVE NO HOUSE PAYMENT.
EPlanningC 02:42:25 AM Oct 07 2008
The "Stock injection Plan" is a quietly spoken about plan approved by congress for them to vote on. The BANK'S HATE IT !!!Learn about it the plan provides alot of protection to the tax payers and at the same time puts the banks under additional controls of the government. http://www.npr.org/templates/story/story.php?storyId=95395712I have inserted a place where any one who wants to learn aboyt " THE STOCK INJECTION PLAN" If this is something that you want to see get approved then email/wright/phone your state represenatives.
AgnesPisbody 02:38:18 AM Oct 07 2008
Because Obama's people read all of these posts...Why isn't either candidate talking about the cost of illegal immigration to taxpayers? The cost is almost equal to the war in Iraq ?Remember I vote and they don't.
AgnesPisbody 02:35:24 AM Oct 07 2008
ACORN ? People go to them for help and what do they do ? First they have some sleeze realtor there in case you want to walk away from your home. How convenient. Then they sign up broke people for a $10 a month bank draft to help pay their rent. After that they convince the poor and ignorant to protest with them.What a self serving lot.
AgnesPisbody 02:31:48 AM Oct 07 2008
RSlover108 02:10:09 AM Oct 07 2008 ! THE GOVERMENT SHOULD GO BACK TO MORGAGESTHAT ARE ASUMEABLE WITHOUT QUALIFCATION LIKE THE WERE PRIOR TO 1989 AND ALL THESE VA AND FHA LOANS WOULD BE PURCHASED BY SOMEONE AND THE BANKS WOULD BE GETING PAID.A LOT OF PEOPLE MAY HAVE BAD CREDIT DUE T A CREDIT CARD THAT WOULD PAY THEE HOUSE PAYMENT.ANQ ANQ BRING BACK THE ANQ....~~Assumable mortgages were a good thing. Amazing how well lots of things worked in the old days.The only way to cure this problem would be to throw everyone out of Washington and start over. Notice how urgent it was to bail out these people and Bush's cousin before he left office ? Anybody see the hearings today ?"There is something wrong in America. We the People of These United States have no representation in Washington" or Wall St or Main St today. Re elect no one. The two main choices on Nov 4th aren't going to help US one bit. It will be four more long years of debt.ACORN ? Are you kidding ? People losing their homes go to
