Five years after the near-collapse of the US financial system, the country’s economy c remains marred by, “high unemployment, hesitant consumers and sluggish business investment,” says the Center for Public Integrity in a three-part series on what’s happened since the meltdown.
In part 1, it goes on : “Many of the top Wall Street bankers who were largely responsible for the disaster — and whose companies either collapsed or accepted billions in government bailouts — are also unemployed.
“But since they walked away from the disaster with millions, they’re juggling their ample free time between mansions and golf, skiing and tennis.
Meantime, the major banks that survived the crisis, largely because they were saved with taxpayer money after being deemed “too big to fail,” are now bigger and more powerful than ever.
The Center for Public Integrity says it looked at what happened to five former Wall Street kingpins to see what they’re up to these days.
“None are in jail, nor are any criminal charges expected to be filed,” it says, going on:
“Take Richard Fuld (above).
“Five years after Lehman Brothers Holdings Inc., the 158-year-old company he ran, collapsed under the weight of bad investments and sent a tidal wave of panic through the global financial system, Fuld is living comfortably.
“He has a mansion in Greenwich, Conn., a 40-plus-acre ranch in Sun Valley, Idaho, as well as a five-bedroom home in Jupiter Island, Fla. He no longer has a place in Manhattan, since he sold his Park Avenue apartment in 2009 for $25.87 million.
“The other four bankers the Center caught up with — Jimmy Cayne (Bear Stearns), Stanley O’Neal (Merrill Lynch), Chuck Prince (Citigroup) and Ken Lewis (Bank of America) are also living in quiet luxury.”
Meanwhile, under guidance and leadership of Obushma, America still totters on the brink of total financial collapse.
No need to stay tuned …