The Dirty Dozen--Meet the bankers and brokers responsible for the financial crisis

[underpants]

Meet the bankers and brokers responsible for the financial crisis - and the officials who let them get away with it

http://www.rollingstone.com/politics/story/26868968/the_dirty_dozen

The Enabler
ALAN GREENSPAN

WAS Chairman of the Federal Reserve (1987-2006)
WHAT HE DID Pushed for sweeping power to regulate Wall Street — and then failed to use it. Fueled "irrational" bubble with low interest rates.
WORST MOVE Called derivatives like CDOs "extraordinarily useful"; regulating them would be a "mistake."
NOW ADMITS He was "partially" wrong to not impose tougher oversight.

The Pioneer
SANDY WEILL

WAS CEO of Citigroup (1998-2003)
WHAT HE DID Created the first too-big-to-fail company, Citigroup. Led the boom in subprime mortgages.
RECENTLY Celebrated $45 billion taxpayer bailout of Citi by taking Mexican vacation on Citigroup jet, complete with $13,000 carpets, pillows made from Hermés scarves, and Baccarat crystal glassware.

The Ideologue
PHIL GRAMM

WAS Senate Banking Committee chair (1995-2000)
KNOWN AS "High priest of deregulation"
WHAT HE DID Pushed repeal of Glass-Steagall Act, leading to rise of megabanks.
WORST MOVE Wrote law that exempted disastrous CDS deals from all regulation.
NOW ADMITS Nothing. Says there is "no evidence" his laws caused crash, which he dismissed as a "mental recession."



The Arsonist
JOE CASSANO

WAS Chief of AIG Financial Products (2001-2008)
WHAT HE DID Blew a $500 billion hole in fabric of the universe by placing massive bet on the bubble economy with money he didn't have.
WORST MOVE In August 2007 told investors his CDS deals could not lose even "$1"; lost $352 million that quarter.
NOW Enjoying his $280 million in earnings.

The Bagman
ROBERT RUBIN

WAS Treasury secretary (1995-1999)
WHAT HE DID Opposed regulation of credit swaps; fought to overturn Glass-Steagall Act, leading to creation of Citigroup, where he later made $115 million.
WORST MOVE Asked Treasury to pressure ratings agencies to delay downgrading Enron, a Citigroup debtor.
NOW Still on Citi's board; mentor of Treasury Secretary Geithner.

The Card Shark
JIMMY CAYNE

WAS CEO of Bear Stearns (1993-2008)
WHAT HE DID Took card-playing vacations and allegedly smoked weed while Bear went bankrupt.
WORST MOVE Cashed out his $61 million share after resigning shortly before Bear's sale to J.P. Morgan Chase.
NOW SAYS Of Treasury Secretary Geithner: "The guy thinks he's got a big dick. He's got nothing, except maybe a boyfriend."



Mr. Buck Passer
CHRISTOPHER COX

WAS Chairman of the SEC (2005-2009)
WHAT HE DID Gave the market a free ride, waiting until far too late to reverse the disastrous "voluntary regulation" program of 2004 and police the ratings agencies.
LAME EXCUSE Insisted it wasn't his fault, claiming deregulatory policies tied his hands.
NOW SAYS His "greatest contribution" during the crisis was staying "calm."

The Predator
ANGELO MOZILO

WAS Head of Countrywide Financial (1969-2008)
WHAT HE DID Biggest provider of subprime mortgages; specialized in predatory loans that put broke people in mansions.
WORST MOVE "Friends of Angelo" program gave favorable mortgages to Sens. Chris Dodd and Kent Conrad.
NOW SAYS Called plea from homeowner facing foreclosure "disgusting."

The Decorator
JOHN THAIN

WAS Chief of Merrill Lynch (2007-2009)
WHAT HE DID Concealed $15 billion hole in Merrill balance sheet until government subsidized the sale of his company. Went skiing in Vail just before revealing losses.
WORST MOVE Proposed $10 million bonus for himself as company imploded; OK'd $1.2 million office refurbishing.
IS NOW Facing class-action suit for concealing losses.


The Maestro
HENRY PAULSON

WAS CEO of Goldman Sachs (1999-2006); Treasury secretary (2006-2009)
WHAT HE DID Pushed for end to debt restrictions for banks like Goldman, then arranged big bailout for Goldman.
WORST MOVE TARP proposal just three pages long; made his decisions "non-reviewable."
NOW SAYS "I don't think we've made mistakes on the major decisions."

The Big Loser
DICK FULD

WAS CEO of Lehman Brothers (1993-2008)
WHAT HE DID Piloted Lehman to largest ­bankruptcy in U.S. history; earned $22 million the year firm went bust.
WORST MOVE Tried to avoid lawsuits by selling his $13 million Florida home to his wife for $100.
NOW SAYS Feels "horrible" about Lehman, but insists his management was "prudent and appropriate."

Mr. Too Big
KEN LEWIS

IS CEO of Bank of America (2001-present)
WHAT HE DID Created ultimate too-big-to-fail company, buying up Fleet, MBNA, Countrywide and Merrill Lynch.
WORST MOVE Failed to catch a $15 billion loss at Merrill before buying the firm; needed $20 billion bailout to close deal.
NOW SAYS It's a false "claim" to say "the banks that caused this mess must be held accountable."

[Metta]

1. Greenspan, Rubin and Summers silenced the woman predicting the derivatives bust.

Brooksley Born, head of the Commodities Futures Trading Commission.
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=132&topic_id=8292094&mesg_id=8292345

and a person mildly less immoral, Gary Gensler,formerly with Goldman Sachs and a submissive to Graham and Greenspan to exempt credit default swaps from regulation which led to AIG's collapse. He's Obama's pick to head the CFTC.
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x435988

Mene, mene tekel uparsins, Obama. You inherit some of the suffering you're causing especially when you could be reaping the good.

[truedelphi]

3. Notice that as they dance around the ways to set up a newer, more efficient economy

No one is saying the Credit default Swaps,or the SIV's or the CDO's should be abolished.

Why abolish the instruments that caused this collapse, when the Bailouts are so much for for those who caused them. Might as well try and leave as much in place as you can - so that collapse two and three can happen too.

[Metta]

9. I agree. They *do* want our money rather than fixing things.

You're on the money with your perceptions.

[truedelphi]

10. Money? I am on the money? I know you mean well, but

This household ain't got no money!! (Wishing there were a little glyph of a gal pulling her empty pockets out backwards and frowning)

We have time, which my fellow colleagues on this board are telling me I should use to inform Obama so he can wake up.

But I would rather use my remaining time to enjoy my life.

[Metta]

11. Sorry to hear it. Yes, Obama needs to take care of us and not suck up to Wall St. so much.

Here's wishing that what you need comes to you in a manner that benefits you.

[rhett o rick]

2. I am against the death penality, but i think i could make exceptions for the above named. nm

[burythehatchet]

4. Perhaps you are kidding, but a public display would go a long way towards

helping sober up the drunken uber-class

[rhett o rick]

8. Ok, I will settle for putting them in stocks in the town square. nm

[Prometheus Bound]

5. Wanted posters (in the order listed in the OP)

[underpants]

6. Excellent

thanks :hi:

[glitch]

7. Horrible!

Way too early in the morning to see something like that.

[bvar22]

12. Bookmarked for future reference.

Now, can we combine the above with a list of the worst CEO offenders in the Health Insurance Industry?

America's current populist rage at the Fat Cats could be used to further the cause of Single Payer if they can be tied to the Wall Street Execs in America's consciousness.

K&R