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Friday, October 3, 2008

Top 10 Reasons Taxpayers Just Spent a Cool $700 Billion

CEO's at the heart of the financial crisis:

RICHARD FUDE - Lehman Brothers Holdings, Inc.

Fuld, CEO of Lehman Brothers, has the distinction of being the executive behind the largest bankruptcy filing -- estimated at $613 billion -- in U.S. history.

ANGELO MOZILO - Countrywide Financial Corp.

Mozilo's tenure at Countrywide was marked by his "Friends of Angelo" VIP program that gave below-market rates to the CEO's best friends and several members of Congress.

KERRY KILLINGER - Washington Mutual Inc.

Killinger led Washington Mutual through sensational growth and into a slew of risky product offerings. The bank finally collapsed and sold its assets to J.P. Morgan Chase.

JAMES CAYNE - Bear Stearns

After 16 years as CEO at Bear Stearns, Cayne handed the reins to Alan D. Schwartz -- then watched the firm collapse.

DANIEL MUDD - Fannie Mae

Mudd was ousted from his post as Fannie Mae's CEO in September when the government placed the company into a conservatorship. He will not receive a severance package.

RICHARD SYRON - Freddie Mac

Syron was relieved of his duties as Freddie Mac CEO as part of the government's takeover of the troubled company in September.

MARTIN J. SULLIVAN - American International Group, Inc. (AIG)

Sullivan held the CEO post at AIG from 2005 through early 2008. The insurance company was propped up by an $85 billion loan from the U.S. government earlier this month.

STANLEY O'NEAL - Merrill Lynch & Co.

O'Neal retired from his post as Merrill Lynch CEO in October 2007 after huge subprime-related losses and writedowns. His successor, John Thain, orchestrated the firm's sale to Bank of America on the same day Lehman Brothers went under.

CHARLES PRINCE - Citigroup, Inc.

Prince stepped down from the CEO position at Citigroup in late 2007 after the company suffered billions in subprime writedowns.

KEN THOMPSON - Wachovia Corp.

Wachovia's board forced then-CEO Ken Thompson from his post in June as the bank struggled through subprime-related losses.


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