A list of the fat cats who caused this mess

[Pedronicus]

Steven Crawshaw of Bradford and Bingley
[Image removed due to request from owner to remove it from hotlinking, Mod Edit]
Cost to the English tax payer to bail out - £14.2 billion


Count Maurice Lippens, co-founder of Fortis.

Cost to the Belgian and Dutch tax payer to bail out - £8.9 billion

Richard Fuld Jr. of Lehman Bros.

Paid himself $498.48 million over the course of just 6 years when things were good. Cost to American taxpayer - nil. company bankrupt


Franklin Raines of Fannie Mae

Cost to American taxpayer - $200 billion currently (includes Freddie mac)


Daniel H Mudd (who took over as cookie jar raider after Raines)


Sir Fred Goodwin of RBS

Bank still solvent, but fubar

[quote="Fruitcake"]Well here we have another 'Master of the Universe'

Kerry Killinger of WaMu







Please feel free to dig around for the other wankers that caused this mess. Lets make a rogues gallery.

[Fruitcake]

Please feel free to dig around for the other wankers that caused this mess. Lets make a rogues gallery.

you betcha. I think you should keep updating your first post as we submit. I will supply my own findings soon enough.

[Pedronicus]

will do mate....

[Fruitcake]

Here is another fat cunt. Who is he?

Count Maurice Lippens is co-founder of Fortis, as the first European cross-border banking and insurance group. He was Executive Chairman of Fortis until 2000; since 2000 he is non-executive Chairman of the Board of Directors.

He has sat and presided over the largest European bank to go to the wall. After talks in Brussels led by Jean-Claude Trichet, the President of the European Central Bank, and involving Dutch and Belgian ministers and the bank company’s board, a rescue package of around £8.9 billion was agreed. It looks like Fortis is going to sell its stake in ABN Amro — the source of its current troubles — while its chairman, Count Maurice Lippens, is to resign. That’s the idea Lippy…fall on your sword!

The banking and insurance group is Belgium’s largest private sector employer. About half the country’s population bank with it.

Some very interesting facts:
2001-Present
Independent Director and Chairman of Nomination & Remuneration Committee
Groupe Bruxelles Lambert SA
1990-Present
Chairman and Chairman of Nomination & Remuneration Committee
Fortis (B)
1981-Present
Chairman and Chairman of Nomination & Remuneration Committee
Fortis SA/NV
Chairman
Fortis N.v.

So whilst presiding over this failure, he also chaired the Committee that decided the money they all extracted from the system....

Oh...and here he is saying hi to the shareholders and bondholders.

[Fruitcake]

Next up we have a smug cunt.

None other than Richard Fuld Jr. of Lehman Bros.

This wanker extracted $34 million in 2007 whilst things were going from bad to worse. Finally ending in one of the greatest debacles the USA banking and investment system has ever seen. With 26,000 employees and $46.7Billion in sales during 2006, Lehman lists total assets of $639 billion — more than the gross domestic product of Argentina and roughly 10 times the size of Enron when it filed for bankruptcy in 2001. As the company's lawyers wrote in one court filing, "That this case is large and complex is an understatement."

It is rumoured that our Tricky Dicky threatened to break the legs of any partner caught shorting Lehman stock, meanwhile he paid himself a measly $122.67 million in 2006, and an even worse $375.81 million over the 5 years preceeding. One good thing, his stock value before the crash was a mind numbingly $642.2 million. Now it is worthless....

Not so fucking smug now eh Dicky

[Pedronicus]

Bradford and Bingley recently went down the tubes and the cock sucking cunt that presided over this monumental f*ck up was Steven Crawshaw.

If you see this smiling twat in the street, please feel free to kick him square in the cods.
[Image removed due to request from owner to remove it from hotlinking, Mod Edit]
This weasel has just added over a grand to everyone in Englands tax bill to foot the bill for his incompetence.

Steven started his career as a litigation solicitor before taking a full time MBA course at Cranfield School of Management. Steven then spent 8 years at Cheltenham & Gloucester and Lloyds TSB before joining Bradford & Bingley Building Society in 1999 as Flotation Programme Director for the demutualisation to form Bradford & Bingley plc.

After the flotation Steven became a Group Director with responsibility, over time, for a number of areas including strategy, marketing, public relations, HR and IT. In January 2002 he was elected to the plc Board. In January 2003 he became Managing Director with specific responsibility for the Lending & Savings businesses and was appointed Group Chief Executive in March 2004.

http://uk.reuters.com/article/businessNews/idUKL0171512220080601

[Pedronicus]

Profile: Sir Fred Goodwin




By Harry Wallop
Last Updated: 2:50AM BST 28 Apr 2007

There are few bankers with as fearsome a reputation as Sir Fred Goodwin, the chief executive of The Royal Bank of Scotland.

He is frequently dubbed 'Fred the Shred' for his habit of buying a bank, stripping it of its costs - most notably staff - in order to generate bigger profits. Since taking over the top job in 2000, he has bought an astonishing 26 rivals, most notably NatWest, and been instrumental in turning RBS from a small, regional player into a global force.

If he pulls off the audacious take over of dutch rival ABN Amro - and that is far from certain - RBS will be transformed into probably the world's fifth largest bank.

This is a considerable achievement for Sir Fred, who when he started as chief executive was running a bank smaller than the Woolwich building society.

Though he is feared and respected in equal measure in the City, very few know him. He rarely gives full interviews to the press, and guards his privacy closely.

His prickliness about the media came to a head in 2004 when he launched a writ against a Sunday newspaper for running a series of lively diary pieces about the Royal Bank's new £350m headquarters just outside Edinburgh. Sir Fred claimed the pieces subjected him to ridicule. One article accused him of wanting to build a private road between the headquarters and the airport in order to avoid travelling on the A8. Sir Fred eventually withdrew the writ, but many in the City were surprised that he was prepared to go to court over what were fairly frivolous articles.

The 48-year-old went to grammar school in Paisley before studying law at Glasgow University - a background similar to that of Gordon Brown, with whom he enjoys a good relationship. Sir Fred has been a regular visitor to Number 11, and is one of a small handful of City grandees that the Chancellor relies on to give him advice - and taxes. Last year, RBS was the country's single largest payer of corporate taxes, handing over £3 billion to the Treasury. (so Gordon Brown wasn't going to ask too many awkward questions was he?)

But while he enjoys a fruitful relationship with Downing Street, his relationship with the City is more difficult. His endless takeovers led one leading City analyst to describe him as a "megalomaniac"; an accusation that has been difficult to shake off, especially when one former colleague described his management style as reliant on fear and an "iron fist".

Some of his critics have been subsequently won around, but this latest deal will put the pressure back on Sir Fred to prove himself.

His deal making, while controversial, has helped boost RBS's profits and he has been handsomely rewarded. Last year he was paid £4 million.

In June 2004, RBS admitted that it owned a Dassault Falcon 900 jet worth £17.5m for the use of Goodwin and the board, a fact not disclosed in the annual report. Based in Paris for maintenance and tax purposes, the jet is also leased to the banks clients via Lombard. Goodwin's salary, nominally around £3.5 million on target including bonuses, for 2006 could top £8 million in cash and shares.


Royal Bank of Scotland (RBS) has posted a pre-tax loss of £691m during the first six months of 2008, the second-biggest loss in UK banking history.

RBS, which owns NatWest bank, said it was hit by £5.9bn of write-downs after the credit crunch cut the value of many of its mortgages and assets.

The bank made a profit of £5bn during the same period last year.

RBS boss Fred Goodwin warned that a "deteriorating economic outlook" would compound problems in financial markets.

[millertime13]

Is this the UK team or can I add some good old boys from across the pond on this wall of shame?

[Frop]

This was supposed to happen. All these people are just pawns in a much bigger game.

[strike wolf]

How about all those banks that were giving loans to people who really had no reason to be receiving those loans.

[pimpdave]

Is this the UK team or can I add some good old boys from across the pond on this wall of shame?

Oh, please do share some more profiles. This is a great thread. Hats off to Pedronicus and Fruit Cake. Quality.

[Fruitcake]

Two of our residents sharing something...goodness knows what:

[Minister Masket]

Notice how every person shown here has the same haircut.

[Fruitcake]

And another fat cat is hauled into the street of shame....

Franklin Raines

Fannie Mae paid a record $400 million fine to the SEC and its regulator in 2006 to settle charges that executives fraudulently used "cookie jar'' reserves and other accounting gimmicks to hide $10.3 billion in losses from 2002 through 2004 and maximize bonuses. Franky baby stepped down...with a generous severence.

Central to the Raines accounting scandal was a strategy to “cook the books” of Fannie Mae to show the type of earnings that would trigger hundreds of millions of bonuses to Raines and other key Fannie Mae executives.

When the scandal surfaced, Raines resigned from Fannie Mae in December 2004, with a $19 million severance package, according to the Associated Press.

Raines and two other top Fannie Mae executives agreed to pay $24.7 million, including a $2 million fine, to settle a civil lawsuit filed in December 2006. It accused Raines and the two other executives of manipulating Fannie Mae earnings, allowing executives to pocket hundreds of millions in bonuses from 1998 to 2004, according to the Associated Press.

The AP also reported Raines was forced to give up Fannie Mae stock options valued at $15.6 million as part of the settlement.

Crikey O'reilly, whatever will he do now? poor chap.

Oh here he is...doing his "I'm richer than you" impression



I personally prefer this picture of him without his disguise, looking at the bonus structure.

[Fruitcake]

Now for another....

Daniel H Mudd (who took over as cookie jar raider after Raines)

Daniel H. Mudd, the departing head of Fannie Mae, stands to collect $9.3 million in severance pay, retirement benefits and deferred compensation, provided his dismissal is deemed to be “without cause,” according to an analysis by the consulting firm James F. Reda & Associates. Mr. Mudd has already taken home $12.4 million in cash compensation and stock option gains since becoming chief executive in 2004. During this time, 'Fanny' has lost literally billions, ending up in the poor house and having to be bailed out by the US taxpayer. While it is not yet possible to calculate the cost of the government’s intervention, it could rise into tens of billions of dollars and will probably be among the most expensive rescues ever financed by taxpayers.

it appears that investors who own the companies’ common stock will be virtually wiped out; preferred shareholders, who have priority over other shareholders, may also wind up with little. Holders of debt, including many foreign central banks, are expected to receive government backing....surprise surprise!!

Oh look, here's Danny boy responding to a question about how important did he think the Investors, Bondholders and Taxpayers are....

[Pedronicus]

I'm too pissed right now to update the first page, but come the weekend, we'll have a list forming.

I need all contributers to post the following:
name of fat cat
company he/she worked for
photo
and what he/she earned or the bail out figure to keep the company going.

[Fruitcake]

I need all contributers to post the following:
name of fat cat
company he/she worked for
photo
and what he/she earned or the bail out figure to keep the company going.

That shouldn't be too hard a task....

Since late 2006...
287 major U.S. lending operations have "imploded". Some of those are subsiaries of UK other USA ops and rest of world, but just to get the juices flowing, here are a few:

Washington Mutual - Retail and Warehouse
Hometown Commercial Capital
Mid Atlantic Capital LLC
Kemper Mortgage, Inc
Liberty Mortgage Funding Co
Freddie Mac
Fannie Mae
Pacific Community Mortgage, Inc - Gold Reverse, Inc
Homecomings Financial, LLC
Thornburg Mortgage
CSB Mortgage
Carteret Mortgage Corporation
Accredited Home Lenders, Lone Star Funds - Wholesale
Western Residential Mortgage
Liberty Home Lending - Wholesale
Equipoint Financial Network, Inc
Ideal Mortgage Bankers, Ltd - Wholesale
Silver State Bank - Wholesale
Irwin Union Bank & Trust Co - Wholesale
SunTrust Bank Equity Wholesale
Wachovia Mortgage, FSB - Wholesale
Lehman Brothers SBF
IndyMac Bancorp
Mortgages Ltd
Wilmington Finance - Wholesale
Accredited Home Lenders, Home Funds Direct
Assured Lending Corp - Wholesale
Homewide Lending Corporation
Vanguard Mortgage & Title, Inc
Chase Home Equity - Wholesale
Chase Subprime - Wholesale
Evergreen Investment & Carnation Banc
Casa Blanca Mortgage/Shearson - Wholesale
Guaranty Bank - Correspondent
Citi Residential Lending
Montgomery Mortgage Capital Company
E*Trade Wholesale Lending
Shearson Financial Network, Inc
American Bank Mortgage Group - Wholesale
AmeriBanc Corp
Washington Mutual - Wholesale
Century Bank, FSB - Wholesale
Diversified Mortgage, Inc
National Wholesale Funding
Centennial Mortgage and Funding, Inc/Award Mortgage
Fidelity Home Mortgage Corp - Wholesale
LMI Funding, Inc
Millennium Mortgage - Wholesale
Origen Financial, Inc (Correspondent)
CitiMortgage - Home Equity Wholesale
Bear Stearns Residential Mortgage

I also have a superb spreadsheet for 219 operating Bank groups with the following information gleaned from public records:
(I had them on most of the above as well, but of course those figures are now defunct. One has to keep abreast if one does what I do.)

Ticker Symbol: WWW Address: CEO: No. of Employees: Business Description: Industry Information: PE Ratio - LTM Market Capitalisation Latest Shares Outstanding Earnings pS (EPS) Dividend pS (DPS) Dividend Yield Dividend Payout Ratio Revenue per Employee Effective Tax Rate Float Float as % of Shares Outstanding EBITDA Margin Pre-Tax Profit Margin Assets Turnover Return on Assets (ROA) Return on Equity (ROE) Return on Capital Invested (ROCI) Interest Cover Total Debt/Equity (Gearing Ratio) LT Debt/Total Capital Book-Value pS Tangible Book-Value pS Cash Flow pS Free Cash Flow pS Price/Book Ratio Price/Tangible Book Ratio Price/Cash Flow Price/Free Cash Flow P/E as % of Industry Group P/E as % of Sector Segment Dividend Declared Date Dividend Ex-Date Dividend Record Date Dividend Pay Date Dividend Amount
Type of Payment Dividend Rate Current Dividend Yield 5-Y Average Dividend Yield Payout Ratio 5-Y Average Payout Ratio Free Cash Flow Margin Free Cash Flow Margin 5YEAR AVG Cash-Flow pS Free Cash-Flow pS Financial Leverage Ratio (Assets/Equity) Debt Ratio Total Debt/Equity (Gearing Ratio) LT Debt/Equity LT Debt/Capital Invested LT Debt/Total Liabilities Current P/E Ratio - LTM Enterprise Value (EV)/EBITDA Enterprise Value (EV)/Free Cash Flow Dividend Yield Price/Tangible Book Ratio - LTM Price/Book Ratio - LTM Price/Cash Flow Ratio Price/Free Cash Flow Ratio - LTM P/E Ratio (1 month ago) - LTM P/E Ratio (26 weeks ago) - LTM P/E Ratio (52 weeks ago) - LTM 5-Y High P/E Ratio 5-Y Low P/E Ratio 5-Y Average P/E Ratio Current P/E Ratio as % of 5-Y Average P/E P/E as % of Industry Group P/E as % of Sector Segment Current 12 Month Normalized P/E Ratio - LTM Tangible Book Value pS - LTM Book Value pS - LTM Capital Invested pS Cash Flow pS - LTM Free Cash Flow pS - LTM Earnings pS (EPS) Net Profit Margin Net Profit Margin -5YEAR AVRG. Return on Equity (ROE) Return on Equity (ROE) - 5YEAR AVRG. Return on Capital Invested (ROCI) Return on Capital Invested (ROCI) - 5YEAR AVRG. Return on Assets (ROA) Return on Assets (ROA) - 5YEAR AVRG. EBITDA Margin - LTM EBIT Margin - LTM Pre-Tax Profit Margin Pre-Tax Profit Margin - 5YEAR AVRG. Effective Tax Rate Effective Tax Rate - 5YEAR AVRG. Revenue per Employee Net Income per Employee Assets/Revenue - 5YEAR AVRG. PRICE/VOLUME 1 Week: % Price Chg 1 Week: % Price Chg vs. Mkt. 1 Week: Avg. Daily Vol 1 Week: Total Vol 4 Weeks: High 4 Weeks: Low 4 Weeks: Close 4 Weeks: % Price Chg 4 Weeks: % Price Chg vs. Mkt. 4 Weeks: Avg. Daily Vol 4 Weeks: Total Vol 13 Weeks: High 13 Weeks: Low 13 Weeks: Close 13 Weeks: % Price Chg 13 Weeks: % Price Chg vs. Mkt. 13 Weeks: Avg. Daily Vol 13 Weeks: Total Vol 26 Weeks: High 26 Weeks: Low 26 Weeks: Close 26 Weeks: % Price Chg 26 Weeks: % Price Chg vs. Mkt. 26 Weeks: Avg. Daily Vol 26 Weeks: Total Vol 52 Weeks: High 52 Weeks: Low 52 Weeks: Close 52 Weeks: % Price Chg 52 Weeks: % Price Chg vs. Mkt. 52 Weeks: Avg. Daily Vol 52 Weeks: Total Vol YTD: High YTD: Low YTD: % Price Chg YTD: % Price Chg vs. Mkt. YTD: Avg. Daily Vol YTD: Total Vol Moving Average: 5-Days Moving Average: 10-Days Moving Average: 10-Weeks Moving Average: 30-Weeks Moving Average: 200-Days Moving Average: Beta (60-Mnth) Moving Average: Beta (36-Mnth) GROWTH RATES Revenue: 5-Year Growh Revenue: R² of 5-Year Growth Revenue: 3-Year Growth Income: 5-Year Growh Income: R² of 5-Year Growth Income: 3-Year Growth Dividend: 5-Year Growh Dividend: R² of 5-Year Growth Dividend: 3-Year Growth Capital Spending: 5-Year Growh Capital Spending: R² of 5-Year Growth Capital Spending: 3-Year Growth R&D: 5-Year Growh R&D: R² of 5-Year Growth R&D: 3-Year Growth Normalized Inc.: 5-Year Growh Normalized Inc.: R² of 5-Year Growth Normalized Inc.: 3-Year Growth CHANGES Revenue %: YTD vs. Last YTD Revenue %: Curr Qtr vs. Qtr 1-Yr ago Revenue %: Annual vs. Last Annual Earnings %: YTD vs. Last YTD Earnings %: Curr Qtr vs. Qtr 1-Yr ago Earnings %: Annual vs. Last Annual EPS %: YTD vs. Last YTD EPS %: Curr Qtr vs. Qtr 1-Yr ago EPS %: Annual vs. Last Annual EPS $: YTD vs. Last YTD EPS $: Curr Qtr vs. Qtr 1-Yr ago / EPS $: Annual vs. Last Annual

Just about everything you need to know about a financial institution.

[millertime13]

Outstanding Fruitcake, and thanks Pedronicus, for starting this thread, I will be adding a personal favorite of mine...a real asshole I used to work for. Let me go find a suitable photo.

[Fruitcake]

Well here we have another 'Master of the Universe'

None other than Kerry Killinger of WaMu

Kerry K. Killinger had been the Chief Executive Officer of Washington Mutual Inc., since 1990 and its Chairman since 1991. He joined Washington Mutual as an Executive Vice President of Washington Mutual Bank in 1983 and then served as its President since 1988. He joined WaMu in 1982 through the acquisition of Murphey Favre, Inc., the Northwest's oldest securities brokerage firm, at which he served as executive vice president. Before that, he was an investment ... analyst with Banker's Life Insurance of Nebraska. His leadership path at WaMu began as executive vice president and later Senior Vice President for financial management, research, investor relations and corporate marketing, where he helped return WaMu to profitability in a deregulated environment....surprise surprise....another star of the firmament who got there on the back of deregualtion.

Earlier this year, the writing was on the wall for anyone who wanted to see (but most didn't, naturally enough, the full horror of what was to come would prove explosive indeed)

WaMu lost more than $1.1 billion in the first quarter as the struggling economy and flagging real estate values pummeled the bank's borrowers. It lost $1.40 per share, compared with a profit of $784 million, or 86 cents per share, in the first quarter a year earlier. It was the bank's second consecutive quarterly loss, but Chairman and CEO Kerry Killinger promised shareholders that Washington Mutual will turn around within a year.

"I know we've got the true grit in this company. We will get through this," Killinger told more than 2,000 shareholders gathered at Seattle's symphony hall for the bank's annual meeting. "I want people to calm down and have a little faith."

What a fucking wanker. Even while this fatcat said this they were preparing to write down another $3.5 Billion in bad debts!!!!!

Now what did he get on exit?

Oh yes...while this mutual was turning into the largest collapse in history, Kerry baby was picking up the following:
He was, by this time, soldiering on with only his $1 million annual salary and a few assorted odds and ends ($3.4 million in vesting stock options, $387,920 in supplemental pension payments, $800 to cover income tax on a gift, that sort of thing). Then In a filing with the Securities and Exchange Commission today, Washington Mutual said that Killinger's departure "constitutes a termination other than for 'cause'."

That made him eligible for a severance package worth more than $22 million, according to the company's most recent annual report.

Most of it -- $16.5 million -- came from a clause in his employment agreement that promised him a lump sum payment of three times his annual compensation if he was terminated without cause and without the company being acquired.

The rest, about $5.8 million, came from the immediate vesting of restricted stock he's been awarded over the years.

Of course, the annual report was written a while ago, and it assumes those shares are worth $13.61 each. Killinger, like other shareholders, has been hurt by the stock's fall: Washington Mutual shares became pretty worthless.

However, this suggests his restricted stock is worth something closer to $1.2 million, which would mean Killinger's actual walking-away money is closer to $17.7 million.Still, not bad money when added to the deferred compensation and multiple pensions for which the 58-year-old executive is entitled. good for you Kerry, hope the golf handicap keeps up.

All this while WaMu was collapsing with over $300 billion in assets at the time of its collapse. Dwarfing any other doomed bank ever to cross paths with the FDIC. It's quite a tragedy for its employees, investors, and perhaps even depositors who handed the bank over $100,000.

Here he is doing his stuff (does he wear a syrup by any chance?)


and while he was telling the shareholders to 'buck up and sit tight' this was happening to the stock:



And here is one for the hall of shame on the OP.

[Fruitcake]

And yet another fat f*ck joins the street of shame.

Michael Perry of IndyMac Bancorp.

Let's just look at recent history shall we:

Chief Executive Officer Michael Perry has said loans made by IndyMac, which caters to so-called Alt-A borrowers who fall just short of standards for top-rated loans, are 17 times less prone to default than subprime mortgages. Shares of the company had dropped 52 percent this year before today on concern rising defaults on loans made to the riskiest borrowers would spread to the types in which IndyMac specializes.

"Those of us at IndyMac get a little sick of hearing Alt-A is near subprime,'' Perry said on a conference call with analysts. The mortgage industry's losses from Alt-A loans are about 1/12th the rate on subprime loans", he said.

2007-11-06
NEW YORK (Reuters) - IndyMac Bancorp Inc, one of the largest independent U.S. mortgage lenders, posted a quarterly loss on Tuesday that was more than five times larger than it had projected, hurt by mounting delinquencies and a collapse in demand to buy its home loan

2008-01-15
NEW YORK (Reuters) - IndyMac Bancorp Inc, one of the largest U.S. mortgage lenders, said on Tuesday it is eliminating 2,403 jobs, or 24 percent of its workforce, to cope with deteriorating housing and capital markets.
Chief Executive Michael Perry announced the cuts in an e-mail to employees, three months after he had said the Pasadena, California-based parent of IndyMac Bank was "largely done" with staff cuts. "The reality is that since October 12 conditions have gotten worse," (Nooo...surely not!)

2008-06-26
NEW YORK (Associated Press) - The possible collapse of big mortgage lender IndyMac Bancorp Inc. poses significant financial risks to its borrowers and depositors, and regulators may not be ready to intervene to protect them, Sen. Charles Schumer, D-N.Y., said Thursday. Shares of Pasadena, Calif.-based IndyMac, which already have tumbled nearly 95 percent over the past year, dropped 28 cents, or 26 percent, to 79 cents in trading Thursday. They lost another cent in after-hours trading.

2008-07-07: IndyMac stops new loans, to cut work force by half
Mortgage lender IndyMac Bancorp Inc., struggling to raise capital to stay in business, said Monday it has stopped accepting new loan submissions in its main mortgage lending divisions and plans to slash 3,800 jobs, or more than half of its work force.

"In light of the current environment and related deterioration of our financial position since last quarter, we have been working closely with our federal banking regulators with respect to the actions that they and we must take to meet our mutual goal of keeping IndyMac safe and sound through this crisis period," said Perry.....

yeah righty ho Michael.....whatever, because soon after.....

2008-08-01
NEW YORK (Reuters) - IndyMac Bancorp Inc (IDMC.PK: Quote, Profile, Research), once one of the largest U.S. mortgage lenders, has filed for bankruptcy protection, less than three weeks after being seized by federal regulators following a bank run by depositors.

The Pasadena, California-based company filed for Chapter 7 protection on Thursday with the U.S. bankruptcy court in Los Angeles, indicating it plans to liquidate. IndyMac expects the court to appoint a bankruptcy trustee promptly.

The filing, which was widely expected, does not affect the status of depositors in IndyMac Federal Bank FSB, the successor to IndyMac's former banking unit after it was taken over by the Federal Deposit Insurance Corp last month.

Most deposits at IndyMac Federal Bank are insured up to $100,000. The bank also holds the former bank's mortgages and other loans on its balance sheet, an IndyMac federal spokesman said. The FDIC is trying to sell IndyMac's assets.

"Holding companies often go bankrupt once banking units get taken over because most assets and operations are at the bank level," said Ralph "Chip" MacDonald, a partner at Jones Day in Atlanta. "They often file to reorganize, but there was probably no viable plan here."

IndyMac Bancorp, the holding company, has between $50 million and $100 million of assets, between $100 million and $500 million of liabilities, and fewer than 50 creditors, according to the bankruptcy filing.

So what did this shit get...

Well a filing in 2004 shows this:

Base Pay $1,000,000
Bonus $808,333
Other Annual Compensation $137,885
All Other Compensation $8,097
Total Compensation $1,954,315
Shares Aquired on Exercise (#) 225,000
Value Realized for Options Exercised $4,769,662
Remaining Exercisable (vested) Options (#) 1,999,790
Remaining Unexercisable (non-vested) Options (#) 1,000,000
Value of Remaining Exercisable Options $30,732,711
Value of Remaining Unexercisable Options $12,663,500

And an SEC filing on 9/22/06 8:01am ET shows this:

Estimated 2007 Compensation $1,250,000

With this added, laughable comment....

“Mike Perry has done a remarkable job leading Indymac for the past 14 years, and he is absolutely the right CEO to lead us into the future,” commented U.S. Senator John Seymour (ret.), Indymac Director and Chairman of the Management Development and Compensation Committee.

“When Mike joined the company in 1993, we had only four employees and almost no business, and we were marginally profitable. Today, Indymac has over 8,000 employees, is the 8th largest thrift and 9th largest mortgage lender in the nation and makes over $360 million in net income per year. Most importantly, during Mike’s tenure our shareholders have realized annualized total returns through August 2006 of 22 percent, as the Company’s market cap has grown from $75 million to $2.8 billion today. Of the 155 financial services companies with market caps of $100 million or less in 1993, there are only two today with larger market caps than Indymac. Mike has the complete confidence of Indymac’s Board of Directors and management team as well as the bank’s employees, regulators and the investment community, and we could not be more pleased that we have secured his long-term commitment as our CEO. In addition to achieving stellar financial performance, Mike Perry conducts himself with the highest level of ethics, is highly organized and responsible with respect to corporate governance and always has the best interests of his employees in mind" (LOL.....)“While he may be one of the youngest CEOs of a major financial institution, he is one of the most experienced, having been at the helm of Indymac for almost 14 years. As such, we believe that, notwithstanding his past accomplishments, he is just hitting his stride as a CEO, and we are confident that with his new contract in place, Indymac will perform very well in pursuing its long-term goal of growing EPS by 15 percent or more annually.”

Quite frankly, this statement had me laughing until the tears ran down my cheeks.

Oh look here is Michael...smug shit that he is...perhaps he needs a good kick in the nuts as well.

[Pedronicus]

AIG CEO Martin Sullivan


Martin Sullivan earned $14 million dollars in 2007 running AIG, one of the largest insurance companies in the world.

In 2006, Sullivan earned $27 million as AIG’s financial performance was much stronger in 2006 versus 2007, causing Sullivan’s 2006 incentive-based compensation to be higher than 2007.

Now the big one: Sullivan’s 2008 termination or severence pay upon his firing as AIG CEO was $47 million dollars (two years pay)! Pretty nice “goodbye present” for Sullivan given the fact that AIG failed causing its owners (the stockholders) and potentially our country (taxpayers via bailout) to be crushed!

[Pedronicus]

I think this idiot needs a mention...



In 1913, President Woodrow Wilson approved the Federal Reserve Act. A few years later, he reflected:

"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world -- no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men."

A century before Thomas Jefferson reflected much the same sentiment:

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks....will deprive the people of all property until their children wakeup homeless on the continent their fathers conquered....The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

[millertime13]

http://blog.cleveland.com/business/2008 ... aphic.html




Introducing Day late, and your Dollar short Dave Daberko.

President and CEO of National City Bank, of Cleveland Ohio...at one time the 10th largest retail bank in the USA. Dave got into the subprime game late, after his buddies had been stealing money for years..he joined the party by buying Franklin Funding, a subprime outfit that sank like a stone when the weight of all the bad paper got to it. He left in a hurry while cashing in and it is reported that his personal bailout/golden parachute was valued at 46M...I only wonder how much cash is offshore in the Caymans or Bermuda.

Dave's hobbies (besides stealing money and wrecking finances) include beating down employees, threatening commercial customers and shitting on the dinner plates of retirees. He holds a black belt on Douchebaggery, and should be repeatedly kicked in the nuts if he can be caught. He will run away when he senses fear but should be easily caught as the amount of cash in his pockets should cut his speed.

[Pedronicus]

The head of failed US investment bank Lehman Brothers has told Congress that he took home about $300m in pay and bonuses over the past eight years.

[Fruitcake]

Oh and another cunt joins the ranks.

Yes ladies and gentlemen, we have the latest attraction, none other than the cunt of cunts, the ripper of rippers....

Bernard L Madoff

Here is being ever so nice while he fleeces everyone:



The Owner's Name is on the Door.

"In an era of faceless organizations owned by other equally faceless organizations, Bernard L. Madoff Investment Securities LLC harks back to an earlier era in the financial world: The owner's name is on the door. Clients know that Bernard Madoff has a personal interest in maintaining the unblemished record of value, fair-dealing, and high ethical standards that has always been the firm's hallmark.”


All of the above is straight off the Bernard L. Madoff Investment Securities website. Of course you have to get behind the message on the front page from The Honourable Louis L. Stanton, Federal Judge.

Take a look at that statement above again and try to see how far the mendacity really goes. One has to wonder how this man has managed to break the old rule about fooling all the people all the time for so very long. It also begs the question as to how many other nightmares there are still to come out blinking into the sunshine. Well I have a large selection of old, and incredibly bad taste, sunspecs at the ready for them.

Not everybody was fooled though. Jim Vos, investigating on behalf of potential clients, found that the auditors, an accounting firm Friehling and Horowitz, occupied a single room (13' x 18') in Rockland County, upstate New York. Now this is an accounting operation that doesn’t even have a website!

Now this guy managed to rip off around $50 billion. Not too shabby. Reports are that he sat his two Sons down at home, the night before his arrest, and told them the company was effectively nothing more than the biggest Ponzi scheme in history. Well, this is what is reported, one wonders how they nenver knew a thing about it.

The cracks are opening people, the dam is about to collapse. Hedge funds across the globe are now starting to impload at ever faster rates.