who not only presided over the insolvency of Wash Mutual without a run on the bank and resulting federal takeover but refused a buy out offer earlier in the year under the erroneous belief that the bank, under his management, was worth more than the offer.
There are certainly a lot of contenders, but there's one CEO who makes Wall Street's begging bankers look downright responsible.
Latest Market Update
December 05, 2008 -- 16:30 ET
[BRIEFING.COM] Despite some of the worst jobs data in decades, stocks managed to finish the session with impressive gains after reversing early losses.
From its session low to its session high, the stock market moved from a loss of 3.2% to... More
advertisement
Article Tools
E-mail to a friendTools IndexPrint-friendly versionSite MapArticle IndexDiscuss in a Message BoardDigg This By Dan Gross, Slate.com
In the past couple of years, the entire global lending industry has covered itself in shame. Virtually every banker was suckered by the credit and housing bubble. But who made the sorriest choices? Who forced shareholders and the public to bear the highest financial cost? Who, in short, is the Worst Banker in the World?
There's no dearth of candidates. Richard Fuld of Lehman Bros. (LEHMQ, news, msgs) and James Cayne of Bear Stearns presided over the remarkably disruptive failures of their respective companies.
But Bear and Lehman weren't banks, properly speaking: They were hedge funds lashed to investment banks. And their demises didn't require much of a public bailout. The failures of American International Group (AIG, news, msgs), Fannie Mae (FNM, news, msgs) and Freddie Mac (FRE, news, msgs) necessitated massive bailouts, but they weren't exactly banks, either.
Iceland's bankers have effectively brought their entire country to ruin. But since Iceland's population is a mere 300,000, they're off the hook. In an interview Monday, Nobel laureate Paul Krugman nominated the gang that ran Citigroup (C, news, msgs) into the ground. But Citi was so big it took three CEOs -- Sandy Weill, Chuck Prince and Vikram Pandit -- to bring it to the brink of disaster.
http://articles.moneycentral.msn.com/Investing/Extra/whos-the-worlds-worst-banker.aspx
who not only presided over the insolvency of Wash Mutual without a run on the bank and resulting federal takeover but refused a buy out offer earlier in the year under the erroneous belief that the bank, under his management, was worth more than the offer.
http://www.slate.com/id/2107902
and second place tie goes to Nancy Pelosi,Barney Frank,Maxine Waters,Gregory Meeks,Arthur Davis and Lacy Clay,
http://www.youtube.com/watch?v=hxMInSfanqg&feature=related
-- Modified on 12/7/2008 6:26:26 PM
delete
-- Modified on 12/7/2008 3:34:55 PM
He just didn't see that people who got mortgages without the needed income would not be able to pay them.
For this we paid him $30 million.
ADJUSTABLE INTEREST(A.R.M.) LOANS IS WHAT BROUGHT the whole thing crashing down
most people with FIXED INTEREST RATE LOANS would not of had the problem that we see now
-- Modified on 12/9/2008 1:25:36 PM
Who bought World Savings (Goldenwest) put the Sandlers on the Forbes 400 list and bankrupted their own company.