World Financial Problems
60 Minutes - Herb Sandler, - World Savings – Wachovia. – Subprime lender.
… Herb and Marion Sandler are now being vilified as ruthless home lenders who helped destroy Wachovia Corp. and contributed to the financial decay that led to the U.S. government's $700 billion rescue plan to buy rotten mortgages. …
Both are the products of immigrant Jewish families. He tells how his father, the son of a Russian barber, became a lawyer without even attending college. Characteristically, Herb Sandler says his wife's story is more interesting. …
The Sandlers, Bay Area billionaires who made their fortune in finance, have given hundreds of thousands of dollars to Democrats. That's enough to make a conservative or a skeptic wary about their intentions in setting up "ProPublica."
But as Businessweek reports, the Sandlers aren't just big fans of Democrats — they're big fans of Jewish causes, and have given handsomely to those projects, as well. And naturally, both are Jewish.
… Herbert and Marion Sandler, who built Golden West into a mortgage mill, made off with $2.4 bn in the deal. …
25 Financial Crisis Culprits.
Here’s the list:
1.) Christopher Cox: Former SEC head, criticized for regulation failures.
2.) Angelo Mozilo: Co-founder of Countrywide, a lender known for dodgy mortgages.
3.) Joe Cassano: Pushed credit-default swaps at AIG.
4.) Franklin Raines: CEO of Fannie Mae when things started to go sour.
5.) Phil Gramm: Former senator and deregulation cheerleader.
6.) Kathleen Corbet: At Standard and Poor's, doled out high ratings to dicey securities.
7.) Dick Fuld: Encouraged subprime lending as CEO of Lehman Brothers.
8.) Ian McCarthy: Head of Beazer Homes and poster child for homebuilder excesses.
9.) Bernard Madoff: Allegedly masterminded the biggest financial fraud ever.
10.) Herb and Marion Sandler: Sold risky and elaborate home loans through their World Savings Bank.
11.) Stan O'Neal: In charge of Merrill Lynch when company pivoted from asset management to taking on subprime mortgage bonds.
12.) John Devany: Hedge fund manager that bought up mortgage bonds by the shovelful, making it wildly profitable to for lenders to push questionable loans.
13.) Sandy Weill: Transformed Citigroup into financial services titan, setting the model for "too big to fail."
14.) Jimmy Cayne: Hands off approach to leading Bear Strearns didn't work so well given the company's spectacular implosion last spring.
15.) David Oddsson: Former president of Iceland and governor of its central bank, oversaw reckless leveraging at its three main banks.
16.) George W. Bush: As president, emphasized deregulation.
17.) The American Consumer: Racked up debt, spent cash like it was paper, and failed to build up a nest egg.
18.) Alan Greenspan: Former Federal Reserve chairman who now admits that the markets don't regulate themselves.
19.) Hank Paulson: Secretary of the Treasury when the first half of the $700 billion bank bailout was dispensed. Critics say the initial $350 billion was spent wastefully.
20.) David Lereah: Chief economist at National Association of Realtors who kept pushing real estate boom even after things began to go bust.
21.) Lew Ranieri: Salomon trader who helped create mortgage-backed bonds.
22.) Fred Goodwin: As head of Royal Bank of Scotland, took the takeover craze so far that he overstretched the bank's capital reserves.
23.) Bill Clinton: As president, loosened financial regulations, setting the stage for a permissive lending environment and our current crisis.
24.) Wen Jiabao: Partly responsible for having Chinese government extend cheap credit to the United States, ensuring that the American consumer wasn't alone in living beyond its means.
25.) Burton Jablin: Ran programming at Scripps Networks, owner of HGTV (House & Garden Television), which encouraged viewers to play the housing game.