How about Kevin Kabat of Fifth Third Bank who told a financial reporter "our employees better perform, because I expect to be well compensated". This after one month on the job. The stock is down 30% since his comment.
the toxic waste that would be uncovered by a broad based multi-year bear market, (think 2000-02), after this unprecedented levering of debt, off balance sheet tricks, etc, etc would probably throw the vast majority of CEO's of companies in the S&P 500 into the ring. Formula is ancient. Once the stock stops its climb and the cycle turns, all the gimmicks used to goose the share prices bite these guys in the arse. Hence, the panic of a true recession and god forbid, a greater than 10% correction in share prices.
Greenberg will take a mighty fall before all this is over. Write it down. He is a self righteous punk, who piles on, and does what his sources tell him. They nailed hiim on his Wamu call. He was parroting what a hedgie told him, and got caught w/his pants down. It was Mozilla, hands down, btw. Taking 15 pts on subprime paper???
My vote goes to Robert Nardelli. Runs Home Depot into the ground and gets paid a ridiculously huge severance package to get the f%#@ out of Dodge. THEN lands the CEO job at the failing Chrysler. Like blowing holes in your own sinking ship. What were they thinking???? WHERE are the board of directors and compensation committees' heads........up their a$$ apparently
The sad thing is Corporate America is starting to look like the NBA. It doesn't matter how bad you were at your last position. It is all about feeding a bunch of bullshit to the guys doing the hiring. How else can you explain Isiah Thomas, or Nardelli. Welcome to the Baby Boomer Corporate America.
Starting? It's always been that way. They put the one guy up to be the face while the board of directors and he do the swindling. Then when they get caught, they make sure he is VERY well taken care of for being the fall guy, then rotate another up to the spot and start over. Meanwhile everyone else stays on the merry-go-round and collects the booty while staying under the radar. And if it gets REALLY bad because the ride is too crowded - pick up the phone, call the Fed, and dump it on Joe Q Public. Then start the ride over again.