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These 11 CEOs were the helm of companies that were bruised or broken by the credit crunch. Take a look at the money they had coming to them, including the one who apparently declined his multi-million dollar exit package. The sums include cash, benefits, stock options and other forms of compensation and are based on company proxy statements. (Data from James F. Reda & Associates, the prominent independent compensation consultant.)Correction: Lehman Brothers CEO Richard Fuld was mistakenly included in this slideshow and has since been removed.) |
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Total: $161 millionCompany: Merrill LynchMerrill Lynch ousted O’Neal from his position on Oct. 28, 2007 shortly after the company reported $8 billion in write-downs. John Thain replaced him as CEO. |
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Total: $105 millionCompany: CitigroupPrince resigned from his position on Nov. 4, 2007 after the company announced $11 billion in write-downs. |
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Total: $56 millionCompany: CountrywideMozilo stepped down from the CEO spot on July 1, 2008 after leading Countrywide for 39 years. Bank of America bought the troubled mortgage lender in Jan. 2008. |
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Total: $44 millionCompany: Washington MutualKillinger was removed as CEO on Sept. 8, 2008. He was replaced by Alan Fisherman, who led the company for three weeks until the bank was seized by the FDIC and sold to JPMorgan Chase. |
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Total: $42 millionCompany: WachoviaThompson was removed from his position on June 1, 2008 following questions about a major acquisition as well as heavy losses. Once the fourth largest bank in the US, Wachovia later agreed to be acquired by Wells Fargo in October 2008. |
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Total: $19 millionCompany: Washington MutualFishman joined WaMu on Sept. 8 and left on Sept. 25, 2008. The bank was seized by the FDIC—the largest bank failure in US history—and parts of it were bought by JPMorgan Chase. |
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Total: $16 millionCompany: Freddie MacFreddie Mac, led by Syron until Sept. 8, 2008, was taken over by the federal government along with Fannie Mae. |
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Total: $13 millionCompany: Bear StearnsSeveral months after two hedge funds collapsed, Cayne stepped down from the CEO position on Jan. 8. Bear Stearns was bought by JPMorgan Chase in a Fed-engineered deal in March. |
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Total: $9 millionCompany: Merrill LynchThain served as CEO of Merrill Lynch for less than a year, before Bank of America bought the investment bank for $50 billion on Sept. 14, 2008. |
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Total: $8 millionCompany: Fannie MaeFannie Mae, led by Mudd until Sept. 8, 2008, was taken over by the federal government along with Freddie Mac. |
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Total: $22 million (was declined)Company: AIGWillumstad reportedly rejected a $22 million severance package from troubled insurance giant AIG. He was replaced as CEO on Sept. 17, 2008 after the company received an $85-billion loan from the federal government in exchange for a 79.9 percent stake in the company. >Replay Slideshow |
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