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

[deminks]

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

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 mismangement.

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 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.

(end snip)

Talk about rewarding failure.

[Atman]

1. And I'll say it again...this wasn't a bailout. It was a looting.

And the criminals are all going to walk away as if nothing ever happened. Laughing all the way.

.