The Great Recession: Thanksgiving 2009

Well, Thanksgiving 2009 has come and gone. For tens of millions of Americans this year, there probably wasn’t a whole lot to be thankful for. And the Christmas holiday season is probably looking pretty grim for them too.

Somewhere between 15 and 20 million Americans are currently out of work, with unemployment benefits quickly running out and no likelihood of improvement in the jobs market for at least another 9 - 12 months. These folks will most likely become economic casualties as their homes and possessions are taken from them by the same banks that caused this economic mess.

Still another 15 - 20 million Americans (maybe even more) are dealing with under-employment or reduction in income, and are struggling to get by month-to-month. Recent reports indicate that up to 60% of American households are currently experiencing moderate to severe financial distress.

But don’t fret - I’m sure that the small group of "Masters of the Universe" who created this economic debacle will be having a pretty comfortable and enjoyable holiday season.

Here’s a short list of the grinches who brought you this economic crisis. It’s by no means a complete list - these are just some of the individuals who managed to do the most damage to the U.S. economy and the American people:

Kenneth D. Lewis - former Chairman / retiring CEO (Dec 2009), Bank of America

James L. "Jamie" Dimon - current Chairman / CEO, JP Morgan Chase

Vikram Pandit - current CEO, CitiGroup

Charles Prince III - former CEO, CitiGroup

Richard Kovacevich - former Chairman / CEO, Wells Fargo

G. Kennedy Thompson - former Chairman / CEO, Wachovia

Kerry K. Killinger - former Chairman / CEO, Washington Mutual

Jeffrey Peek - former Chairman / CEO, CIT Group

Jerry A. Grundhofer – former Chairman / CEO, US Bancorp

Richard Syron - former Chairman / CEO, Freddie Mac

Franklin Raines - former Chairman / CEO, Fannie Mae

Daniel Mudd - former CEO, Fannie Mae

James E. Cayne - former Chairman / CEO, Bear Stearns

Henry M. "Hank" Paulson - former Chairman / CEO, Goldman Sachs

Lloyd C. Blankfein - current Chairman / CEO, Goldman Sachs

Richard Fuld - former Chairman / CEO, Lehman Bros.

E. Stanley O'Neal - former Chairman / CEO, Merrill Lynch

John J. Mack - former CEO; current (Sept 2009) Chairman, Morgan Stanley

Angelo Mozilo - former Chairman / CEO, Countrywide Financial

Brad A. Morrice – former CEO, New Century Financial

Robert K. Cole – former CEO, New Century Financial

William D. Dallas - former Chairman / CEO, Ownit Mortgage Solutions

David A. Daberko - former Chairman / CEO, National City Mortgage

Wayne Lee - former CEO, Ameriquest Mortgage

[There will be a lot more specific information, and detailed discussion, about some of these "Masters of the Universe" posted here at a later date]


If you happen to run into one of these overly-privileged bankers, be sure to congratulate them on receiving their fat bonuses, stock / stock-option awards, golden parachute payments, and/or retirement buy-outs. And of course, don’t forget to thank them for all that they’ve done to enhance the financial security of the American public.


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