9 Wall Street Execs Who Cashed in on the Boom—and the Bust
Joseph Cassano, AIG Financial Products Executive, 1987-2008
CLAIM TO FAME: Mr. Credit-Default Swap. In 2008, his unit cost AIG $99 billion. (AIG then paid $1.5 billion in bonuses and awards.)
QUOTE: Before the crash: "It is hard for us...to even see a scenario within any kind of realm of reason that would see us losing $1 in any of those transactions."
HIS BONUS, 2008: $34 million
HIS HAUL, 2000-2008: $280 million
AIG'S TARP: $69.8 billion
ADDITIONAL BAILOUT: $112 billion
Vikram Pandit, Citigroup CEO, 2007-present
CLAIM TO FAME: Ordered a $50 million private jet, announced huge layoffs, and jacked up credit card APRs—after getting bailed out
QUOTE: Told Congress last February, "My salary should be $1 per year with no bonus." Didn't mention that he took $1.6 million in stock options as Citi lost $18.7 billion in 2008.
HIS HAUL, 2008: $10.8 million
Robert Rubin, Citigroup Board of Directors, 1999-2009
CLAIM TO FAME:As Clinton's treasury secretary, he pushed to overturn regulations prohibiting finance-bank hybrids such as...Citigroup.
QUOTE: Wishes he could have reined in Citi but "I don't know what I could have done" as just a board member.
HIS HAUL, 1999-2009:$124 million
CITI'S TARP:$45 billion ($20 billion repaid)
ADDITIONAL BAILOUT:$328.7 billion
Ken Lewis, Bank of America CEO and President, 2001-2009
CLAIM TO FAME:Okayed $3.6 billion of Merrill Lynch bonuses when buying the troubled firm. Said he'd return $1 million in past earnings, but still gets a $53 million pension.
QUOTE: He's against regulating "the banks that caused this mess" because they'd been "held accountable by the toughest, most unforgiving master of all: the free market."
HIS HAUL, 2008: $10 million
HIS HAUL, 2001-2007: $145 million
B of A's TARP:$45 billion (repaid)
ADDITIONAL BAILOUT: $18.1 billion
Jamie Dimon, JPMorgan Chase CEO and President, 2005-present
CLAIM TO FAME:Cutting comments ("That's the dumbest thing I've ever heard!") and cutting perks ("You're a businessman. Pay for your own Wall Street Journal.")
QUOTE: Over lunch at the Four Seasons: "Corporations can waste a tremendous amount of money. It's destructive. It's wrong."
HIS HAUL, 2008:$19.7 million
HIS HAUL, 2005-2007: $95.7 million
JPMC'S TARP: $25 billion (repaid)
ADDITIONAL BAILOUT: $73.1 billion
Lloyd Blankfein, Goldman Sachs CEO and Chairman, 2006-present
CLAIM TO FAME:Oversaw Goldman's risky bets on the housing bubble, then turned the investment firm into a bank so it could get TARP money
QUOTE: Says the financial industry looks "self-serving and greedy in hindsight" but that he's been "doing God's work."
HIS HAUL, 2008: $42.9 million
HIS HAUL, 2006-2007: $114.4 million
GOLDMAN'S TARP: $10 billion (repaid)
ADDITIONAL BAILOUT: $43.4 billion
John G. Stumpf, Wells Fargo CEO, 2007-2010 and Chairman, 2010-present
CLAIM TO FAME: Made a tidy $12.6 million in first six months on the job
QUOTE:Asked before Congress about his 2007 pay, he conceded that he'd gotten $67 million in stock—but "at the values that pertained in 2007, which wouldn't look familiar to you now."
HIS HAUL, 2008: $13.8 million
WELLS' TARP: $25 billion (repaid)
ADDITIONAL BAILOUT: $13.4 billion
John J. Mack, Morgan Stanley CEO, 2005-2009, and Chairman, 2005-present
CLAIM TO FAME: Earned the sobriquet Mack the Knife by slashing jobs. His battle cry: "There's blood in the water; let's go kill!"
QUOTE: Told Congress, "If you gave me no bonus in the best year, I would still be here," but later griped that smaller post-bust bonuses led to "an exodus of key people."
HIS HAUL, 2008: $1.2 million
HIS HAUL, 2005-2007: $77.7 million
MORGAN'S TARP: $10 billion (repaid)
ADDITIONAL BAILOUT:$25.9 billion
John Thain, Merrill Lynch CEO, 2007-2009
CLAIM TO FAME:Asked for a $10 million-plus bonus as Merrill lost $27.6 billion in 2008. Then redid his office for $1.2 million and approved bonuses all around. As the firm's hidden debts nearly scuttled its sale to B of A, he headed to Vail.
QUOTE:Bonuses were "the right thing to do for...the reward of the people who were performing."
HIS HAUL, 2007: $83.1 million
MERRILL'S TARP: $10 billion
ADDITIONAL BAILOUT: $6.8 billion