Countrywide is actually a major disaster, costing the lending company more $50 mil for the regulatory settlements

Lewis plus experienced says that BofA deceived traders more than mounting loss and manager bonuses during the Merrill through to the package signed.

Lewis easily went out-of as being the white knight of monetary drama to help you becoming among its punching handbags. He had been ousted since Bank off America’s chairman in the the 2009 annual appointment; a rushed old-age took place at the conclusion of that seasons.

Lewis enjoys left a hidden as. The guy marketed their Charlotte, N.C., home inside the 2013 and you can a-south Carolina trips household annually afterwards. He had been a part of a foundation that provides solar power panels in order to communities from inside the Africa and he contributed $1 million to produce a chair when you look at the bodily therapy on their alma mater, Georgia Condition College or university.

When you look at the , Lewis attained a settlement for the New york lawyer standard under he provided to shell out a good $ten billion good and not serve as a police officer otherwise movie director away from a community organization for a few decades. He did not have to help you know wrongdoing within the payment.

Angelo Mozilo

Before Countrywide Financial got burned for peddling highest-exposure mortgages to help you unsuspecting individuals, its originator and you can Ceo, Angelo Mozilo, are a wall Path darling.

Mozilo created Nationwide with the premier home loan company and you can servicer because of the selling homeownership with the masses. He started thus-entitled “unique mortgage loans” – subprime adjustable-speed and you will mentioned-money fund laden up with penalties and fees – that have been purchased of the Wall surface Street financing banking institutions, manufactured toward ties and sold all around the globe.

In the event the liquidity crisis hit in 2008, of a lot borrowers cannot re-finance the high-priced money during the lower prices. Defaults skyrocketed. Mozilo try compelled to sell Countrywide when you look at the a fire product sales to Bank away from America.

In 2009, new Ties and you may Exchange Fee implicated Mozilo of utilizing insider recommendations to offer $140 mil when you look at the stock. He had been permanently barred throughout the globe and you can bought to spend $67.5 billion for the charges (very is paid back because of the insurance). The newest Fairness Department dropped a fraud circumstances up against your inside 2016.

In the crisis Mozilo was unrepentant. For the testimony with the Economic crisis Query Percentage this present year, the guy titled Countrywide “one of the primary businesses on the reputation for the united states.”

Mozilo, which used to push a gold Rolls-Royce and you can red Lamborghini Gallardo, and you will flew inside the an excellent Gulfstream V, is staying a much lower profile nowadays.

In 2011, he sold their Thousand Oaks, Calif., house throughout the Sherwood Country Club Property for $step three.cuatro million. Their partner of 50 years died last year.

John Thain and you can Stan O’Neal

Stan O’Neal and you can John Thain presided along side passing out-of Merrill Lynch, probably the country’s very renowned financing lender, however their professions after the crash followed drastically more pathways.

O’Neal’s was a pretty much all-American story. A rare exemplory instance of an enthusiastic African-American so it is huge with the Wall surface Highway, the guy advanced regarding General Cars assembly line so you can Ceo off “Mommy Merrill.” O’Neal, just who entered Merrill regarding GM in 1986, was designated President into the 2001. The organization gained huge profits in his first five years but went towards dilemmas of the paying heavily for the subprime financial securities, up payday lender Brownsboro coming deepening their position since almost every other providers first started pulling back into 2006.

He precipitated their downfall because of the trying to offer Merrill to Wachovia and Financial from America before basic informing the new panel. Ironically, lower than a year later, Thain try lauded having selling Merrill so you can Lender regarding America.

O’Neal never had the chance to work at some other team, but his fall was padded from the a fantastic parachute payout estimated at $161.5 billion. Merely 56 during the time of his resignation, O’Neal continued to help you serve as a director within Arconic, an enthusiastic Alcoa spinoff. He registered Alcoa’s panel when you look at the 2008.