Lewis along with confronted states that BofA fooled dealers more than setting up loss and you will professional incentives at Merrill until the bargain finalized.

Lewis rapidly ran of as the white knight of your own financial crisis to to be one of its punching bags. He had been ousted due to the fact Lender out-of America’s president at the their 2009 annual conference; a hurried old age occurred at the end of one year.

Lewis possess leftover a hidden while the. The guy sold his Charlotte, N.C., domestic within the 2013 and a south Carolina easy money payday loan Lutcher travel domestic per year later. He had been involved in a foundation that give solar power systems so you’re able to communities in Africa in which he contributed $one million to make a chair for the bodily treatment at the their alma mater, Georgia State University.

During the , Lewis attained a settlement to your Ny attorney standard around that he wanted to pay a great $10 billion fine rather than serve as an officer or movie director off a general public business for a few decades. He didn’t have to know wrongdoing within the settlement.

Angelo Mozilo

Before Countrywide Economic got burned to possess peddling large-chance mortgages so you’re able to unsuspecting borrowers, the founder and you will Ceo, Angelo Mozilo, is actually a wall structure Highway darling.

Mozilo established Countrywide into the biggest home loan company and you may servicer because of the selling homeownership on the people. He got its start very-titled “amazing mortgages” – subprime variable-speed and you will stated-income loans laden with fines – that have been purchased of the Wall Road financial support banking institutions, packaged on the bonds and you can marketed all over the world.

In the event the liquidity drama hit in 2008, of several consumers cannot refinance the highest-priced finance at the down cost. Non-payments skyrocketed. Mozilo try obligated to offer Nationwide in a fire purchases so you can Financial from The usa.

In 2009, new Ties and you can Replace Payment implicated Mozilo of employing insider suggestions to sell $140 mil during the inventory. He was permanently prohibited throughout the world and you can bought to blow $67.5 million in the charges (really was paid back by insurance). The newest Fairness Department fell a fraud circumstances up against your when you look at the 2016.

On the drama Mozilo is unrepentant. Into the testimony towards Overall economy Query Commission this year, the guy named Nationwide “one of the biggest businesses throughout the reputation for this country.”

Mozilo, exactly who always push a silver Rolls-Royce and you will reddish Lamborghini Gallardo, and you may flew inside a good Gulfstream V, is actually staying a much lower character today.

Last year, he ended up selling their Thousand Oaks, Calif., household on Sherwood Country Pub Property getting $3.4 mil. His girlfriend regarding half a century died last year.

John Thain and you may Stan O’Neal

Stan O’Neal and John Thain presided across the passing regarding Merrill Lynch, possibly the country’s really legendary capital financial, however their jobs after the crash implemented radically more routes.

O’Neal’s try a most-Western tale. A rare illustration of an enthusiastic African-Western it is therefore larger towards Wall structure Street, the guy state-of-the-art out-of General Automobiles assembly line so you can President regarding “Mom Merrill.” O’Neal, which joined Merrill of GM when you look at the 1986, is actually appointed Ceo from inside the 2001. The organization gained huge payouts inside the first five years but went for the difficulties because of the paying heavily inside the subprime home loan bonds, following deepening their position just like the almost every other providers began move back in 2006.

The guy precipitated his problem because of the seeking to sell Merrill in order to Wachovia and you can Financial of The united states in advance of very first advising the brand new board. Ironically, less than a year later, Thain is actually lauded to possess attempting to sell Merrill in order to Bank from America.

O’Neal never had the ability to work on various other providers, but his fall is actually cushioned by the a golden parachute commission projected at $161.5 million. Merely 56 during their resignation, O’Neal went on in order to serve as a director from the Arconic, an enthusiastic Alcoa spinoff. The guy inserted Alcoa’s board when you look at the 2008.