$600 million

According to Anderson Cooper’s “Culprits of the Collapse”, the CEO of Bear Stearns walked away from his demolished company with $600 million in net worth.   No concerns about retirement.  No concerns about sending his kids to school.  No concerns about foreclosure… realistically, no concerns at all.

Meanwhile the common shareholders of his company are left holding essentially worthless stock.  Many of his customers face foreclosure and bankruptcy proceedings.  Thousands of employees lost their jobs.   Millions of 401k owners around the country are planning to work extra years.

I don’t know if he caused the collapse.  Maybe he did; maybe he didn’t.  But, there is something seriously wrong with this picture.

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1 Comment

Filed under economics

One response to “$600 million

  1. george

    They should all be forced to give back the money and go to jail

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