Andrew Ross Sorkin, the NYT’s M&A reporter, writes in his column today that current Wall Street “Masters of the Universe” are falling on hard times – well, comparatively. And rightfully they should. [See “Money grows on trees” post.]
Their behavior has been deplorable.
While millions of Americans are unemployed – and more to come – these Villains of the Universe are getting slammed where it hurts – in their finances. Look at what Sorkin says The Villains’ new and lower personal worth is, based on the shares they own in their respective companies.
Vikram S. Pandit, Citigroup – was $31 million; now $3.7 million.
John A. Thain, Merrill Lynch – was $28.5; now $6.5 million.
Lloyd C. Blankstein, Goldman Sachs – was $465 million; now $167 million.
Kenneth D. Lewis, Bank of America – was $121 million; now $18.5 million.
Postscript: With the antics of Wall Street, it is not surprising that today’s consumer confidence index fell to 37.7% from 38.6% last month [Dec]. Also, more consumers’ believe business conditions are "bad" [47.9% vs. previous 45.8%]. Consumers who expect increasing personal income dropped from a low of 12.7% to 10%. Glum getting glummer!
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