PublicWorstEnemy

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 [...]

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 [...]

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, [...]

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. So, how [...]

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 [...]