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Golden Parachutes: How the Bankers Went Down

GOLDEN PARACHUTES: BANKERS WENT DOWN HOW THE $5 MILLION PARACHUTE 10 YEARS WITH 1 YEAR WITH $50 MILLION THE COMPANY THE COMPANY PARACHUTE October Mack Whittle retired from South Finan- cial Group days before it planned to apply for federal loans, thus limiting executive parachutes. After 22 years he received an $18 million send-off package. Robert Willumstad left AIG after two years, and only 3 months as CEO. He declined an exit package worth $22 million. September Alan Fishman helmed Wash- ington Mutual for 17 days before it failed. He left with $19 million in severance pay and signing bonuses. August Kerry Killinger was removed from Washington Mutual after 25 years. After the biggest failure in US Banking history, Killinger parted with $44 million. July Daniel Mudd was dismissed from Fannie Mae after 8 years. He took $8 million with him. June Richard Syron was terminated from the now insolvent Freddie Mac after 5 years. He took $16 million in severance and other compensation. May April After founding Countrywide Financial 39 years ago, Angelo Mozilo cashed out and took home $188 million; retiring the day it was taken over by Bank of America. March February G. Kennedy Thompson was pushed out of Wachovia amid turmoil in the US housing market. After 32 years he left with $8.7 million, January 2008 James Cayne lost most of his fortune in the Bear Stearns collapse. After 39 years he parted with $13 million. December 2007 November Charles Prince retired from Citigroup after 4 years and a poor 3rd quarter performance. He took nearly $100 million with him. October September Stan O'Neal left Merrill Lynch after 21 years with a $165 million package as the company posted $8 billion in losses. Richard Fuld went down with the Lehman Brothers bankruptcy after 14 years. Even though he didn't sell his shares prior to Chapter 11, he still pocketed close to half a billion 7 years prior.

Golden Parachutes: How the Bankers Went Down

shared by maggie on Apr 01
When American economy crashed it crashed hard. This infographic looks at a depressing time in recent history and shows how the top dogs got out of situations with even bigger severance packages.




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