Rick Newman, US News and World Report
Submitted by: Editor
11 Corporate Titans Profited Handsomely After Failing Miserably
Martin Sullivan, former CEO of AIG.
- Forced out after running AIG into the ground betting on highly risky mortgage-related derivatives. He is currently deputy chairman of the Willis Group.
Tony Hayward, former CEO of BP.
- After Deepwater Horizon disaster poured millions of gallons of crude oil into the Gulf of Mexico, he left BP with a $1.7 million severance, plus untold millions in stock options.
Mark Hurd, former CEO of Hewlett-Packard.
- Resigned after sex scandal with $12.2 million golden parachute plus $30 million in stock options. Currently being paid $10 million per year as president of Oracle.
Stanley O'Neal, former CEO of Merrill Lynch.
- Ran Merrill Lynch into ground betting on subprime mortgages and derivatives and walked away from abject failure with a $161 million severance package plus a salary worth $91 million. Currently sitting on Alcoa's board of directors.
Dow Kim, former head of global markets and investment banking for Merrill Lynch.
- Paid $35 million in 2006 for his work making Merrill the No. 1 Wall Street issuer of controversial derivatives tied to mortgages.
Charles Prince, former CEO of Citigroup.
- Bet heavily on subprime mortgages and exotic derivatives. Prince was paid a $43 million salary then given a severance package worth $36 million when he was ousted.
Thomas Maheras, former co-CEO of Citigroup's investment bank.
- Earned a $34 million fortune selling risky CDO's in 2006. Currently director of Discover.
Jeffrey Peek, former CEO of CIT Group.
- Earned $27 million selling subprime mortgages. Currently an executive with Barclay's.
John Thain, former CEO of Merrill Lynch.
- Famous for lavish spending to renovate his office using TARP funds. He is currently raking in millions as CEO of CIT.
Steven Newman, CEO of Transocean.
- Earned a $5.8 million salary and a $1 dollar "safety bonus" after 11 oil rig workers were chargrilled on the Deepwater Horizon.
Don Blankenship, former CEO of Massey Energy.
- After 29 miners were killed in a tragic mine explosion, Blankenship received a $14.4 million severance package, plus a $7 million pension and $32.1 million in deferred compensation.