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CEOs Took Billions Off the Table Before Bust

15 financial, home building bosses made over $100M

By Kevin Spak, Newser Staff

Posted Nov 20, 2008 8:55 AM CST

(Newser) – Investors have lost some $9 trillion since last year’s stock market peak, but at the center of the maelstrom, CEOs of some of the worst-performing companies are sitting pretty. Fifteen financial services and homebuilding CEOs have accumulated more than $100 million each in the past 5 years in cash compensation and stock sales, the Wall Street Journal reports. That includes the heads of Lehman Brothers, Bear Stearns, and other nearly bankrupt or deeply damaged companies.

The Journal examined pay at 120 public finance, credit, and homebuilding stocks, and found that top executives had sold more than $21 billion in stock over the period. Many sold at regular intervals, or well before the bust, while others kept more than they unloaded and suffered huge losses. Then there are bosses like Robert Toll, who sold a huge chunk of his Toll Brothers stock the month it peaked. Shares have fallen 73% since.

Maurice Greenberg, former CEO of American International Group, made $115,266,874 by selling AIG stock in the five years leading up to the crash. (AP Photo/Stephen Chernin)

This Newser combo image shows, from left, Angelo R. Mozilo former CEO of Countrywide Financial, Richard Fuld, former CEO of Lehman Brothers, and James Cayne, former CEO of Bear Stearns. (Associated Press)

Bruce Karatz, seen in this 2004 handout photo from KB Home, made $161 million selling KB Home stock during his tenure at the company's helm. (AP Photo/KB Home, Jon Soohoo, File)

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CEOs Took Billions Off the Table Before Bust

15 financial, home building bosses made over $100M

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Plans to overhaul regulation losing momentum as banks return to health

Fuld: 'I Was Whipping Boy' for Lehman Failure

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CEOs Took Billions Off the Table Before Bust

15 financial, home building bosses made over $100M

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OTHER STORIES ON OUR RADAR

executive compensation • Goldman Sachs • CEO • Bear Stearns • Lehman Brothers • financial services • Toll Brothers • financial sector • Richard Fuld

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Wall Street Bonuses to Plummet

Falling revenues behind expected 40% plunge

Goldman Exec: Pay Inequality Is Good for All

Soaring Wall Street bonuses should be tolerated for economy's sake

8 Days That Shook the Financial World

James Stewart on the week that Lehman failed, and meltdown loomed

Banks Get Back to Risky Business as Usual

Plans to overhaul regulation losing momentum as banks return to health

Fuld: 'I Was Whipping Boy' for Lehman Failure

Lehman's last CEO steels himself for anniversary of firm's collapse

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