Over sixty million Americans have retirement money invested in the stock market. In late 2008, many people saw their nest eggs evaporate to half of what they were previously. At the same time, executives on Wall Street walked away with hundreds of millions of dollars of this money.
That money that was invested in the stock market didn't just evaporate.
Stanley O'Neal, former CEO of Merrill Lynch, received $172 million from 2003 to 2007 (1). O'Neal lead his company to failure: Lynch was bought out by Bank of America in Sept '08.
Richard Fuld, former CEO of Lehman Brothers, made nearly $185 million in the five years before 2008. In Sept '08, Lehman Brothers went bankrupt. (2)
These are just a few of the examples. Where did your retirement money go? Which CEO did it bankroll? And what did it buy for them?
Let us know what your retirement money bought for someone else- a yacht? A second home? A private jet?
Check back here for more info.
(1) Bloomberg, Sept 26, 2008, Wall Street Executives Made $3 Billion Before Crisis, By Tom Randall and Jamie McGee
(2) http://www.wsws.org/articles/2008/nov2008/ceos-n28.shtml, Nov 28, 2008, CEOs “cashed out” prior to economic crisis, By Tom Eley
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