Archive - Feb 14, 2008

Date

7 Bank Bosses Lose $1Billion in Personal Monies

We only think we have it tough!

Top Wall Street Bank bosses lose $1billion between them as the share prices of their businesses crashed.

One man in particular, James Cayne, saw the value of his personal shares in Bear Stearns Bank fall by more than $507million.

The collapse of the sub-prime mortgage market has forced global markets to write down $105billion of 'investments', halving the stock values of the banks involved. Citigroup, who axed their chairman, Chuck Prince, has a share price down by 52% on last year.

Now, before you get too concerned for these poor dears, remember what they lost is 'paper money' it has no real value. The share prices was based on perception, which was based on mis-sold loans to people like you and me who couldn't pay back the ridiculous 'investment vehicles' created by unscrupulous bankers and mortgage brokers.  read more »

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