Company CEO Date Total
Merrill Lynch Stanley O'Neal Oct. 28, 2007 $161,000,000
Citigroup Charles Prince Nov. 4, 2007 $105,000,000
Washington Mutual Kerry Killinger Sept. 8, 2008 $ 44,000,000
Wachovia Ken Thompson June 1, 2008 $42,000,000
Lehman Bros. Richard Fuld Sept. 17, 2008 $24,000,000
Washington Mutual Alan Fishman Sept. 25, 2008 $19,000,000
Freddie Mac1 Richard Syron Sept. 8, 2008 $16,000,000
Bear Stearns James Cayne Jan. 8, 2008 $13,000,000
Merrill Lynch John Thain Sept. 14, 2008 $9,000,000
Fannie Mae1 Daniel Mudd Sept. 8, 2008 $8,000,000
AIG2 Robert Willumstad Sept. 17, 2008 $22,000,000(declined)
The mind boggling severance package paid to CEO's of sinking financial company has come under the scanner. The executives who have perpetuated downfall of an organisation are given a handsome exit package when their organisations have collapsed or declared bankrupt.
Instead of subjecting the executives for investigation and handcuffing them for not undertaking due diligence, a severance package is just ridiculous and a dampner on the investing public faith.
Obama the presidential candidate is raising a hue and cry on the golden handshake package doled out to the executives of the bankrupt companies. In India FM is giving assurance on some private sectors banks health. I think if there is a run on the deposits, certain private sector banks will go down under without trace. There is a window dressing galore. The nationalised bank is any day best bet for all the hard earned deposit without doubt under the prevailing atmosphere.
Even in India, shareholders and stake holders should demand white paper on the international exposure. Anyways till the crisis blows over we should keep our fingers crossed and be a silent spectators.
