Posts Tagged ‘Merrill Lynch’

Five years ago, Lehman Brothers filed for bankruptcy. Lehman CEO Dick Fuld was rewarded with half a billion dollars and three mansions for his total mismanagement skills. Another Wall Street investment bank, Bear Stearns, went belly up after its CEO bet heavily on bonds back by home mortgages. CEO Jimmy Cayne walked away with over $300 million for his complete incompetence, and he plays high-stakes bridge in retirement. Charles Prince left Citigroup with a $28 million retirement parachute after losing the firm $11 billion in mortgage-backed gambles. Stan O’Neal was fired by Merrill Lynch the same month, and the firm sent $161.5 million out the door with him as a reward for massive stupidity and total lack of business acument. Incompetent Ken Lewis left Bank of America in 2009 with a parachute payment of $83 million. All three of their corporations were bailed out by taxpayers. In other words, those golden parachutes were paid for by taxpayers. That’s us folks.

Those are also the folks who went on strike against Walmart over pathetically low wages. Those people pay taxes, too, even on their $8 an hour pay. In other words, the Wall Street bailouts were a series of massive income redistribution scams, from the 99 to the 1 percent who finance political campaigns. You can also call it corporate welfare. The economy and the government; they’re completely rigged games against the 99 percent. The government is rotted with corruption through and through, at least as much as is Wall Street, and the electoral process.

Check out the story below from Thinkprogress.org.

Infuriating Facts About Subprime Wall Street CEO’s Who Failed At Their Jobs and Helped Destroy the Economy

Center for Public Integrity

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Who Reaps A Profit By Sinking Their Own Ships?

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