Lewis including experienced states you to BofA misled people over setting up loss and you can professional bonuses during the Merrill till the contract signed.

Lewis quickly went away from as the light knight of your own economic drama so you can to-be certainly one of the punching handbags. He was ousted just like the Bank away from America’s president within its 2009 annual fulfilling; a hurried retirement happened at the end of you to season.

Lewis have left an invisible as the. The guy marketed his Charlotte, Letter.C., house in the 2013 and you will a south Carolina travel home a year afterwards. He was a part of a foundation giving solar panels so you can communities within the Africa and he contributed $one million to create a chair into the bodily cures during the their alma mater, Georgia County University.

When you look at the , Lewis achieved money to your Nyc attorney standard under which he wanted to shell out a beneficial $10 million fine rather than serve as an officer otherwise director away from a general public company for three ages. He did not have so you’re able to accept wrongdoing included in the payment.

Angelo Mozilo

Before Countrywide Financial got burnt to own selling highest-exposure mortgages to unsuspecting consumers, the originator and you will Chief executive officer, Angelo Mozilo, try a wall structure Highway darling.

Mozilo based Nationwide into the prominent mortgage lender and you will servicer by selling homeownership towards masses. The guy started therefore-named “amazing mortgages” – subprime varying-rates and you can said-earnings financing laden with penalties and fees – that were purchased by Wall structure Roadway resource financial institutions, packaged to the securities and you may ended up selling all over the world.

When the exchangeability crisis hit-in 2008, many consumers cannot re-finance their highest-listed finance within all the way down pricing. Defaults skyrocketed. Mozilo is obligated to offer Countrywide for the a flame income to Financial off The united states.

Last year, this new Ties and you will Change Percentage accused Mozilo of employing insider guidance to market $140 billion when you look at the inventory. He was forever banned from the globe and you can ordered to expend $67.5 mil into the charges (very is reduced by the insurance coverage). The newest Fairness Agency dropped a scam case against him within the 2016.

From the drama Mozilo are unrepentant. Within the testimony on the Overall economy Inquiry Percentage this present year, he titled Countrywide “one of the greatest people throughout the reputation for the united states.”

Mozilo, just who regularly push a gold Moves-Royce and yellow Lamborghini Gallardo, and you will travelled from inside the a Gulfstream V, is actually remaining a lower character nowadays.

In 2011, he ended up selling his Thousand Oaks, Calif., house on Sherwood Nation Bar House for $step three.cuatro mil. His partner from 50 years passed away a year ago.

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John Thain and you can Stan O’Neal

Stan O’Neal and you may John Thain presided along side demise from Merrill Lynch, possibly the state’s really iconic financial support lender, but their professions following crash followed drastically more paths.

O’Neal’s is a pretty much all-American facts. An uncommon illustration of an enthusiastic African-American making it larger for the Wall Road, he state-of-the-art of Standard Automobiles assembly line in order to Chief executive officer regarding “Mother Merrill.” O’Neal, exactly who entered Merrill from GM when you look at the 1986, was designated Chief executive officer when you look at the 2001. The firm reaped huge profits within his first 5 years however, ran toward dilemmas because of the paying greatly into the subprime mortgage bonds, following deepening its reputation given that other firms began pulling into 2006.

He precipitated his downfall because of the seeking promote Merrill so you can Wachovia and Bank out-of The usa just before earliest telling brand new panel. Ironically, below a year later, Thain are lauded to own selling Merrill so you can Lender out-of America.

O’Neal never ever had the ability to work on another company, however, his slide is padded of the a golden parachute payout estimated at the $161.5 billion. Simply 56 in the course of their resignation, O’Neal proceeded to help you act as a manager within Arconic, an enthusiastic Alcoa spinoff. He entered Alcoa’s panel for the 2008.