The excesses of Wall Street
Here's a brief look of some recent bank CEOs and their hyper-inflated golden parachutes. |
| Name/Company |
Golden Parachute package |
Years of service as CEO |
Status of exiting company |
Joseph Campanelli / Sovereign Bancorp
|
$8.4 million |
2 years |
Stock is down 86% over the last 52 weeks, and it is rumored to be a buyout candidate. |
| Stanley O'Neal / Merrill Lynch & Co. |
$250 million |
21 years |
Merrill Lynch acquired by Bank of America Corp. |
| Chuck Prince /Citigroup Inc. |
$29.5 million |
4 years |
Company is treading water and its stock is down 58% over the last 52-weeks. |
| Alan Fishman / Washington Mutual Corp. |
$10 million |
16 days |
WaMu was acquired by J.P. Morgan Chase. |
| Kerry Killinger / Washington Mutual Corp. (preceded Fishman) |
$16.5 million |
18 years |
| Angelo Mozilio /Countrywide Finacial Corp. |
$110 million |
10 years |
Countrywide was acquired by Bank of America. |
| Ken Thompson /Wachovia Corp. |
A severance of $1.45 million and accelerated vesting of $7.25 million in restricted stock. |
8 years |
Most of Wachovia was eventually sold to Citigoup. |
| Martin Sullivan / American International Group Inc. |
$15 million severance pay and $4 million bonus. |
3 years |
AIG was bailed out by the U.S. government with an $85 billion loan |
| Robert Willumstad / American International Group Inc. (replaced Sullivan) |
$22 million severance package, which he rejected
|
4 months |
Source: The Deal |
Bank CEOs have been under fire lately for the mortgage mess they helped fuel, and now they're receiving heat for the golden parachutes some of them have received on their way out the door. The brouhaha over executive exit packages has escalated so much so recently that politicians are calling for the proposed U.S. bailout to limit the exit compensation of CEOs of banks that choose to participate in the plan. 
