Bill Agee did it three times. Boise-Cascade. Bendix. Morrison-Knudsen.
Be aware that his Wikipedia entry has been heavily sanitized.
If some BOD gives you a contract with a ton of money behind it even if you fail how in the world could Uncle Sam penalize you for accepting that contract?
Everybody wants to punish the guys who made the obvious choice. Nobody mentions the dumbshits who agreed to reward them.
These people all know each other and hire each other. They move from one company to another, and care nothing for their survival.
The mortgages were just the seed. What grew from them is a financial mess created by the big bankers. They not only aggressively pushed bad mortgages but packaged and resold them all over the world. Then they sold insurances to institutions that was far beyond what could ever be paid out. But these financial geniuses knew mortgages could never go down. So they sold and sold and made billions of dollars. Now we get to pay them millions more just to “fix” what they caused. Good deal for them. They should be jailed. They will just dip into the trillion dollars of tax money and live quite well.Now Paulson is redacting the paper work. We will never be publicly aware of who gets what .
Justice is being served.
Goldman partners will each get $5,000,000 Christmas Bonus
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“Jailed” my ass. They, like the Kongress Kritters who abuse their authority, should be taken out and shot. I know it sounds harsh, but people have had their lives ruined over this crap, and the CEOs simply cannot grasp the reality of the consequences of their actions because they’re so insulated. What’s a hundred thousand to them? Its what they’ve got rolling around as loose change in their couch, for most people its more than they make in a year. If you’re going to let executives make hundreds of millions of dollars, then the punishment for them needs to make it clear that there are serious consequences for fucking up.