For Some Culprits In Financial Meltdown, Life Is Still Pretty Good

By Zachary Roth

This probably won't come as a surprise. But some of the major culprits in the financial crash -- former CEOs or top execs at banks whose billion-dollar losses helped precipitate the turmoil -- don't seem to be paying much of a price for their catastrophic mismanagement.

Dick Fuld, the former CEO of Lehman -- whose collapse in September directly ushered in the broader panic -- is already plotting a comeback. According to the Financial Times, he's thinking about starting a "small advisory boutique to help companies with strategic and financial issues." The venture would "harness [Fuld's] contacts in US companies," says the paper.

Meanwhile, two former Wall Street honchos appear to be living the high-life after seeing taxpayers step in to rescue their troubled firms.

The New York Post reports today that Peter Kraus, a former top executive with Merrill Lynch, just bought a $37 million Park Avenue apartment -- "featuring 11-foot-high ceilings, three fireplaces, three maid's rooms, a library, a gallery and a family room/gym." In September, Kraus got a $25 million golden parachute from Merrill when it was sold to Bank of America, even though he had only started work there that month. B of A received $25 billion in taxpayer money as part of the bailout.

http://tpmmuckraker.talkingpointsmemo.com/2008/12/for_some_culprits_in_financial.php

Sphere: Related Content