Ugh! Subprime Follies and Profits to the CEOsSomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


Ugh! Subprime Follies and Profits to the CEOs

21 November 2007 at 2:34:13 PM

I was reading an article about how the heck the bankers managed to screw up so badly on the mortgage industry (gee, I can tell them that! How about some REGULATION and don't friggin give mortgages to people who cannot afford the payments????) Anyway, this stuck out.

Not anymore. Prince resigned on Nov. 4 with a golden parachute worth an estimated $43 million. His resignation came days after Merrill Lynch CEO Stanley O'Neal was forced out, taking with him compensation worth $160 million. Neither man had "dirt under the fingernails" experience in the complex mortgage-finance market.

Must be nice. You can be a total screwup, as Prince was, in charge of Citigroup, and have to resign but still get a dang golden parachute package worth FORTY THREE MILLION DOLLARS!!!! And, boo-hoo, Merrill Lynch's CEO, who you'll notice was FORCED OUT, got ONE HUNDRED AND SIXTY MILLION DOLLARS. So I guess as he was being forced out the door, he pried open everyone's wallets!

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