May
2017
Sunday, July 03, 2011
Rick Newman, US News and World Report
Submitted by: Editor

11 Corporate Titans Profited Handsomely After Failing Miserably

[US News] A financial crisis caused by astonishing greed and hubris has demolished the world economy and plunged the middle class into despair. Seven million jobs were lost with the recession and the economy continues to falter. Yet a number of disgraced CEOs and other executives have fared surprisingly well, either landing plum jobs with new employers or securing golden parachutes that guarantee a luxurious retirement--or both.

[US NEWS]

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.
Posted by Editor on 07/03/11 at 02:00 PM •  (0) Comments

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