Key players in the financial crisis: Then and now
Mozilo built Calabasas-based Countrywide Financial into one of the nation’s largest mortgage lenders -- and one of the biggest originators of subprime loans. Soaring mortgage losses forced Countrywide into the arms of Bank of America in early 2008. Mozilo has said he has “no regrets about how Countrywide was run.” He owns homes in Santa Barbara and La Quinta. (Susan Walsh / Associated Press)
On the five-year anniversary of the 2008 financial crash, here’s a look at 10 of the key players in the crisis and the government bailouts that followed. None has faced criminal charges.
The collapse of Pasadena-based IndyMac in July 2008 was an early warning of what was to come in the rest of the banking industry. The bank’s failure triggered long lines of depositors at its branches, desperate to pull their money. Perry in 2012 agreed to pay $1 million to settle a lawsuit filed by the Federal Deposit Insurance Corp. He defends his record here (Annie Wells / Los Angeles Times)
Lewis engineered BofA’s purchases of Countrywide Financial and Merrill Lynch in 2008 -- deals that ultimately resulted in near-ruinous mortgage losses for the bank. Lewis later said he was pressured by the government to save Merrill from failure in September 2008. Now retired, he lives in Naples, Fla. (Haraz N. Ghanbari / Associated Press)
He negotiated Merrill’s rush sale to Bank of America in September 2008. He now is CEO of lender CIT Group in New York. Thain was slammed by former Federal Deposit Insurance Corp. Chairwoman Sheila Bair, who wrote that his primary concern during the government’s bank bailout talks in October 2008 was about restrictions on executive compensation. (Richard Drew / Associated Press)
Advertisement
He was ousted in September 2008 as Seattle-based Washington Mutual’s mortgage losses mounted and panicked depositors began yanking funds. The bank was seized by regulators late that month and sold to JPMorgan Chase, a move Killinger protested. Today he still lives in the Seattle area. (Cliff Owen / Associated Press)