Lewis plus experienced states one to BofA deceived traders more mounting loss and you can professional bonuses within Merrill through to the deal signed.

Lewis quickly ran out of being the white knight of one’s monetary crisis so you’re able to as certainly one of the punching handbags. He had been ousted since Financial regarding America’s chairman on its 2009 annual conference; a hurried old-age took place at the conclusion https://texasloanstar.net/cities/plains/ of one 12 months.

Lewis keeps remaining a low profile since the. The guy offered their Charlotte, N.C., household for the 2013 and you can a south Carolina travel home annually afterwards. He had been associated with a charity that give residential solar panels to villages from inside the Africa and then he contributed $1 million which will make a chair inside the bodily medication during the his alma mater, Georgia State College or university.

Inside the , Lewis reached money with the Ny attorney standard lower than which he provided to pay good $10 mil great and never act as an officer otherwise manager away from a public providers for three many years. He did not have so you’re able to acknowledge wrongdoing included in the payment.

Angelo Mozilo

Ahead of Nationwide Financial had burned to have selling large-chance mortgages so you can unsuspecting individuals, their founder and President, Angelo Mozilo, is actually a wall surface Road darling.

Mozilo mainly based Countrywide towards premier lending company and you can servicer by touting homeownership towards public. The guy originated therefore-entitled “unique mortgages” – subprime varying-rates and stated-money loans packed with fees and penalties – which were ordered of the Wall surface Roadway financing banking companies, packed towards ties and you can sold all over the globe.

In the event the liquidity crisis hit in 2008, of several borrowers could not refinance its highest-listed loans from the down cost. Defaults skyrocketed. Mozilo is actually compelled to sell Nationwide for the a flames selling so you’re able to Lender away from The united states.

Last year, the latest Securities and you may Exchange Commission accused Mozilo of using insider guidance to sell $140 billion when you look at the inventory. He had been forever prohibited regarding business and you will ordered to blow $67.5 million inside the penalties (very are paid back by insurance coverage). The latest Fairness Agencies dropped a fraud case facing him from inside the 2016.

Regarding drama Mozilo was unrepentant. During the testimony for the Economic crisis Query Payment in 2010, the guy titled Countrywide “one of the primary people about history of the united states.”

Mozilo, whom accustomed push a gold Moves-Royce and you may red-colored Lamborghini Gallardo, and you may travelled during the an excellent Gulfstream V, is actually keeping a reduced profile nowadays.

Last year, he offered his Thousand Oaks, Calif., home on the Sherwood Country Bar Estate to possess $step three.4 mil. Their partner out of 50 years died just last year.

John Thain and you can Stan O’Neal

Stan O’Neal and you will John Thain presided across the passing of Merrill Lynch, perhaps the state’s really renowned money financial, but their jobs following crash accompanied drastically various other paths.

O’Neal’s was an almost all-Western story. A rare illustration of a keen African-Western making it huge toward Wall structure Roadway, the guy complex off Standard Automobiles assembly-line so you’re able to President regarding “Mommy Merrill.” O’Neal, whom inserted Merrill away from GM when you look at the 1986, is appointed Chief executive officer within the 2001. The company reaped grand profits inside the first five years however, went to your issues by the expenses heavily inside the subprime financial securities, after that deepening the condition because most other providers first started pulling back to 2006.

The guy precipitated their problem because of the looking to offer Merrill so you can Wachovia and you may Financial out-of The united states before basic informing new board. Ironically, below a year later, Thain are lauded to own selling Merrill to Lender away from The usa.

O’Neal never had the opportunity to run several other team, however, his slip is actually cushioned because of the a golden parachute payout projected at the $161.5 million. Merely 56 during the time of his resignation, O’Neal continued so you can serve as a manager in the Arconic, a keen Alcoa spinoff. He joined Alcoa’s panel during the 2008.