||M B Asofthe Meltdown Where Did Those Bankers Goto Business School
- Heres a question, fellow 401K-robbed victims of the meltdown:
Exactly where did this toxic batch of bankers and businesspeople who
engineered the economy into the ditch, the stock market into free fall and
frittered away the fortunes of our country and maybe even the world
learn their craft?
- Winner: Harvard
- Second Runner-up: New York Universitys Stern School of
- Third Place: Cornell
- Taking an inventory of CNNs Ten Most Wanted: The Culprits of
the Collapse, Time magazines 25 People to Blame For the Financial Crisis,
plus a peek at the pontificators on CNBC
- Stanley ONeal, Harvard MBA: Ousted as Chairman, CEO of Merrill
Lynch, after the firm posted its first $8 billion in losses due to the sub-prime
crisis. Received a severance package valued at the time at $161 million in
stock and options.
- John Thain, Harvard MBA: Hired to succeed ONeal at Merrill
Lynch and eventually managed to sell it to Bank of America.
- Christopher Cox, Harvard MBA: Former Chairman of the SEC
- Henry Paulson, Harvard MBA: Secretary of the Treasury under President
- ndrew Hedley Hornby, Harvard MBA: Failed former CEO of what used
to be one of the UKs largest bank group, HBOS, which had to merge with
Lloyds in the face of bad mortgage loans.
- Lawrence Summers, Harvard PhD, Economics; Former President, Harvard
- Franklin Raines, Harvard Law: Former CEO of Fannie Mae, took "early
retirement" amid an accounting investigation
- Daniel Mudd, MPA, Harvard JFK School of Government: Took over Fannie
Mae from Raines, and increased the number of subprime mortgages it guaranteed
until the government dismissed him in 2008, when the Feds had to put Fannie
into conservatorship to keep it afloat.
- George W. Bush, Harvard MBA: Rode herd over the most alarming financial
meltdown since the Great Depression, as the tsunami of unregulated Wall Street
derivatives collided with the bursting of the housing bubble.