Gordon Gecko claimed that, “Greed is good.” Well, for some people that is definitely the case. As you look over this list of our top 10 greedy wall street executives, you will find that some have made a great deal of money from their greed. Others found themselves behind bars, or worse…
1. George Soros
Chairman of the Soros Management Fund he was also known as the Man Who Broke the Bank of England when he raked in over $1 billion in profits during the Black Wednesday UK currency crisis of 1992.
2. Lloyd Blankfein
The current CEO of Goldman Sachs Blankfein earned a total of $54.4 million in 2006 while his company faces a litany of charges and criticism for its role in the financial collapse and the burst of the mortgage bubble.
3. Vikram Pandit
In 2008 he earned over $38 million as the CEO of Citigroup. He also sold a poor performing hedge fund that he managed to Citigroup for $165 million. The fund was so bad it has since been shuttered.
4. Brian Moynihan
This is the guy who implemented the $5 monthly fee for Bank of America debit card users and had to switch gears really fast after the bank saw a 20% increase in closed accounts. Despite criticism from the shareholders and a huge dip in the company’s share price his salary still hovers around $2 million plus bonuses and stock options
5. Jamie Dimon
Named to Time magazine’s list of the world’s most influential people 4 times, Dimon also received the largest pay package for any bank CEO in 2011 with $23 million. All this despite the fact JPMorgan Chase relied heavily on TARP funds.
6. Jim Wright
Maybe he wasn’t a banker but in 1988 the Representative from Texas was implicated in a number charges where he was accused of peddling his influence during the Savings and Loan scandals. He was found guilty by the House Ethics Committee and resigned.
7. Charles Keating
Chairman of the Lincoln Savings and Loan Association, he was the one who cost the federal government $3 billion when it collapsed. Not only did the government take a hit, but bondholders and investors lost everything.
8. Raj Rajaratnam
This self-made hedge fund manager was sentenced to 11 years in federal prison for conspiracy and securities fraud. His $7 billion fund was built on information he gained using corporate secrets instead of hard work and financial brilliance.
9. Allen Stanford
This prominent financier and sponsor of the Stanford 20/20 cricket tournament also dabbled in Ponzi schemes that involved $8 billion in certificates of deposits. He is also being investigated for money laundering and trademark infringement. He also took a beating from a fellow inmate while incarcerated.
10. Scott Rothstein
It seems like when you talk fraud, South Florida is always mentioned. Scott Rothstein from Boca Raton makes sure that they are represented on this list as well. This lawyer was charged with running a $1.2 billion Ponzi scheme that netted him 50 years in prison and $279 million in fees for restitution. Of course, there are always the usual suspects: Bernie Madoff, Charles Ponzi and some will claim Geithner or Hank Paulson. But if you can think of someone else left off this list, go ahead and share it with the rest of us.