PublicWorstEnemy

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 [...]

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 [...]

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.” So, how would [...]

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 [...]

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.” So, how would you rate this [...]