Anderson Cooper
Over the last couple of weeks we’ve heard politicians tell us that now is not the time to point fingers and blame people for the financial crisis. I remember them saying that in the days after Hurricane Katrina as well.
The truth is that’s what politicians always say. They mean that now is the time to fix the problem, but once the world’s attention moves on, the time for hold people accountable never seems to arrive. Politicians point fingers at members of the opposite party, but no one ever seems to take real responsibility.
So who is to blame for this financial fiasco?
That’s the question we’ve begun investigating. We’ve put together a list of the Ten Most Wanted: Culprits of the Collapse. This week and next week, every night, we will be adding a name to the list and telling you what they have done, and how much it’s costing you.
It’s a rogues gallery of Wall Street executives, politicians, and government officials who did not do their jobs. It’s time you know their names, their faces, it’s time they be asked to account for their actions.
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Anderson it is the U.S. Congress who has let us down. I am an Independent and don't like to fix blame, but it started with the Clinton Administration pressuring Fred and Fannie Mac to make loans to people who could not qualify otherwise. When you make a mortgage loan to people without a down payment they can too easily walk away from the loan for they have little if any money invested in the property. We need to get back to income verification, credit checks, and a minimum of 10% down. We also need to hold the top 4 members of Congress who have received money from Fred and Fannie Mac in the past, Chris Dodd, Barrack Obama, Charles Schumer, and Barney Frank who received money in that order.
Anderson you should also mention on your show, probably not popular with CNN, that Franklin Raines, who earned 100 million in bonuses when working for Fannie, is now an advisor to the Obama campaign. He was appointed to run Fannie Mae by Bill Clinton. You should also mention that the Democratic Congress blocked The Federal Housing Enterprise Regulatory Reform Act in 2005 which would have reformed Fred and Fannie avoiding this crisis. We were victims of greedy and corrupt CEO's and politicians. The top 4 above should be voted OUT of office.
I was going to vote for Barrack Obama until I read this information. He was a bigger part of the problem in obstructing reform and avoiding this disaster than President Bush who I never voted for!!
Ray New Mexico
1999 ACORN and the Democratic Congress and President Clinton agreed that Home ownership is a birthright, not something you need to prove yourself by, with the ultimate reward of owning a piece of America. Because of this, irresponsible Lenders and buyers received a mortgage, made less than rent payments and got a tax deduction, and defaulted on America! Thank you ACORN Housing, Clinton and the Democratic Congress, ie. Dodd & Frank, for their irresponsible managing of the American Dream come Nightmare!!!! Dodd, Frank, Obama, Clinton....all beneficiaries of FNMA and FDMC contributions.....it is the biggest crime of the CENTURY!!! Home ownership is a privilage, not a birthright...work for it, prove yourself worthy!! Now we're all paying the price for this debacle.
It's not only important to know who they are but where they came from. In my review of some prospects, including Paulson, is Harvard University. From what I understand the math formula for swaps was designed by Harvard graduates, circumvented insurance oversight(from the net capital rule to credit default swaps) by Harvard grads, and the main financial and government employees involved in this mess were from Harvard. Maybe Harvard should have a warning sign on their admission form, and order a four year requirement of Ethics.
So where exactly has all this money (stock values) gone? Does it just magically disappear? Certainly someone must be benefiting from this "redistribution of wealth".
Oh yes, and one more thing: I am having a really really hard time TRUSTING the $700-biilion-plus bailout/rescue plan (whatever you want to call it) put forth by Treasury Secretary Henry Paulson - the former $40-miilion-A-YEAR-earning CEO of Goldman Sachs, Wall Street's "most prestigious" investment banking firm. How about you???
I am glad someone is naming these crooks BUT why are you spreading this list of names over two weeks? This is not a time for ratings! This is serious. Just name these crooks on your show as the "ten most wanted" immediately... but then what happens? Will they ever be charged? Will they be prosecuted? Will they serve time in a real prison? I doubt it. They have all had their shredding parties and have made sure all their money is safely hidden for their golden years. They are laughing all the way to their banks.
Be sure to go after big law firms in collusion with their financial clients, and big law firms billing those clients for legal tasks never performed. Such law firms need to be investigated, as they also benefited prior to the collapse.
The $700B bank bailout, $112B AIG bailout and the oil company profits represent the greatest transfer of wealth this country has ever experienced. The people of this once great nation are wholly to blame. The few who vote continually elect and re-elect the same people with out taking the time to look at their records. We hold actors, actresses, rock stars and athletes in hirer regard than the people that protect us and educate our children. Our priorities are completely out of whack as is our moral and ethical compass. There is nothing wrong with this economy that lower gas prices and more disposable income want fix. The economy is broke, the people are. Thank you Congress, Big Oil, The Banking System.
Anderson Cooper YOU ROCK! I'm so worried for my children (ages 10 & 12) What we do not has such an impact on them. We have to make those greedy bastards accountable!
I agree with Gary Johnson's suggestion. Until these greedy individuals are made accountable, and I mean really hit home accountable, this will not be the last time we will see this happen. Unfortunately, no matter what party is in office, Congress and the Senate will not have enough guts to pass such legislation.
Ross Perot didn't make it through the primaries.
Ron Paul didn't make it through the primaries.
Both would have made better presidents than the ones we had, currently have, and will have at the end of this election.
Americans are dirt stupid. They elect people based on a popularity contest, and not on whether they can or will do what really needs to be done.
Yes indeed our Country is going through quite a crisis, however the Media has much to take responsibilty for the emotional aspect of all this. Panic and Fear has been driven by Cable News and the perpetual reporting and reporters and so called analysts. There is one word that can define all of it, GREED! Oh, Stupidity too!
Thank you...I've been waiting for someone to explain a little better how we got in this mess (as far as I can see it was knowingly issuing dodgy mortgages knowing that one could take the profit and pass the empty paper on to others). Now what can be done to get at least some of the guilty parties (persons and companies) to bear the costs?
I would hope that Barney Frank, Chris Dodd, and other democratic members of the finance committee from both houses are on the list.
Anderson: Good job..we should know who these people are and follow up on what (if anything) will happen to them. i.e. give back some of their bonus money, etc. I work in the real estate industry and we are waiting for yet another shoe to drop over the next couple of years. Large numbers of folks with good jobs, credit etc. jumped on the band wagon and took out ARM's on their homes. We still have a couple of years to go with these ARM's resetting with much higher interest rates...and many of these folks have seen their home loose consderable value...there is a concern that many folks may choose or have to walk away from their home mortgage....deepening our housing crisis. Unfortunately, lots of folks used the equity in their home like an "ATM" machine over the past few years...believing they could always refinance in a few years and believing their property would continue to go up in value...."No problem", wrong now!! Many of these went Alt A paper, stated income and guess what, some might have inflated their income and with no regulation over underwriting folks received their loans...now it's a big MESS!
I think this is a witchhunt. There are many responsible, not just the CEOs of these companies. The lending institutions were simply operating in a market which was created by artificially deflating interest rates. Our goverment is equally responsible for not regulating the market enough which created this situation.
My grandfather once told me, "If you can't pay cash for it you don't need it so don't buy it." How did something so simple get so complicated. That generation had the true grit that has been lost in the more recent me/must have now generation and I do not see it getting better regardless of any bailout or Presidential candidate. We as Americans are living in a modern day Roman empire on the verge of collapse.
Phil Gramm, the cosponsor of the Commodity Futures Modernization Act of 2000, better be numero uno on this list.
As the rate of inflation continued to grow, prices on everything from diapers, formula, groceries, utilities, houses, cars – continued to go up – yet the average american's take home pay did not come any where near meeting the needs of the people. However, when the CEO's salaries, bonuses, trips, and all the other business perks and benefits accumulated rapidly – did not anyone see America downspiraling? Lehman Brothers, AIG . . . government bailed them out and they personally walk away with millions in their own pockets while the average american loses their job and their home. Can't afford to pay for the mortgage? Why? Because they lost their job or their salary did not meet their needs. Greed is really getting out of hand. It is about time their faces were put on the most wanted list! How will THEY personally pay back to the Americans what is due them?
What ever happened to investigative reporting? The signs for this were everywhere–people getting rich for doing nothing, or acting as though they were, without establishing what used to be real credit.
I just wonder why the news media waits until the crises unfold before they smell a rat. It was evident to me as long as 2-3 years ago, driving around my neighborhood and seeing very young families buying McMansions, that much was out of kilter with their ability to pay. Multiply this across America and add the goofy "new financial service products" to the mix like credit default swaps and other totally unregulated sting operations and the hard working public gets blindsided. Stop reporting on Brittany and the rest of the Hollywood/MTV crowd, roll up your sleeves and report on something meaningful for a change before it becomes a crisis!
Hey Anderson,
Great start. While you're at it, you might want to hold a certain Democratic presidential candidate who received perks from Fannie and Freddie accountable. Am I the only one who sees the hypocrisy here?
Furthermore, when a CEO makes millions while putting the proverbial screws to the little guy and a public school teacher can qualify for food stamps while impacting kids positively on a daily basis, something is seriously wrong with the national priorities.
Someone (or lots of someones in this case) need to 'fess up, regardless of who they are, who they know, or what they do. If you're going to tell the truth on these guys, please make sure it's the whole truth. America deserves that much considering the money we will be putting up in order to clean their messes.
Thanks for getting back to real journalism, BTW. The presidential mudsling and whine fest was really getting old.
Thanks, Anderson, for asking tough questions and pressing the point about accountability. But I hope the coverage doesn't end with just 10 people who played a part in this. What about the rise in personal bankruptcies? People are angry, so they are looking for someone to blame. But...isn't it short sighted to think you can overcharge a credit card or buy a house you can't afford without consequence?
Of course credit card companies and mortgage companies (or whoever lends money for houses) want me to overextend, but does that mean I have to? No one held a gun to my head and made me charge $2,000 on shoes I wouldn't be able to pay off.
This situation makes the people who have lived with their noses clean, so to speak, even more angry. Because why should the guys who lived by the rules have to take responsibility for the jerk who can't balance his checkbook?
The leaders of these companies should be held accountable, but someone should have the guts to tell the American people they aren't innocent either. Everyone should take responsibility for their actions.
go get 'em. don't let anybody off the hook.
Anderson, Thank You!
I think the American public is sick and tired of watching the greedy executives walk away with millions of dollars while we struggle to make ends meet. Honor and morals are something we do not see in these individuals who have wrecklessly driven the business into the ground while lining their pockets.
I think the taxpayers would like to see the upper management of any company tapping into the bailout funds replaced. CEO's should have a realistic salary and no bonus until the debt is repaid.
I am angry as hell about the way this is being handled. The crooks are lining up as fast as they can to get their piece of this bailout. Truth be told, they will likely be back for more.
I don't trust the existing government to administer this bailout properly.
I thank you for having the courage to cast light on those that should be criminally prosecuted if not, booted out of the business.
Donna
only 10???
Blaming CEOs is not the solution either. Has anyone looked at the regulatory body esatblished before I was born to look in to Derivatives and derivative backed securities; which are something new?
" the fault dear brutus is not in our stars, but in ourselves"
Shakespeare
So we the Americans will get this over with and come out clean. We too should share the blame, when we spend more than we can afford to spend. I dont think Fuldman offered ppl to take 2nd mortgages so they can drive BMWs. At the end the decision to sign on the dotted line is individuals... this is not college nor is someone passing a joint and putting peer pressure.
All this bickering about responsibilty isnt going to get anyone anywhere. Time should be better spent on a solution at this point. If a solution is found, then go back and prosecute the greedy people that caused the financial crisis.
I wonder if CNN will point out the press hasn't reported anything about this in the past. Lots of people are saying this has been a problem a long time in the making. How does the press miss these stories?
Great Job Anderson! I am really glad that CNN is playing the role of a responsible media here.
Gary Johnson has a good idea! I second that motion and would like to add Congressman into that!
You have to begin with:
1) Jimmy Carter.
2) Bill Clinton
3) Barney Franks
4) Chuck Schumer
5) Nancy Pelosi
6) Harry Reid
7) Ted Kennedy
8) Joe Biden
9) Enron and Worldcom Officers
10) All Democrats in Congress since the 70's.
Thanks so much for exposing the 10 most wanted! This a a tragedy for all of us. How about asking these men and women to give back some the other outrageous amounts of money they received as compensation. What a novel idea!! I'd love to see you interview one or two of these CEO's.
If this was a real investigation, 360 would list their names and faces, now. Not string it out for the next week and a half to keep readership up for that period.
This is just the news business folks, not a real investigation. And, no, no one will find anyone currently in power culpable. That's not the way it works, otherwise Cheney and a bunch of others would be in jail, now.
The worst part of all of this is that it was foreseeable, avoidable, and fixable at the time but was allowed to fester like an open wound. This didn't happen overnight and nor will it be fixed overnight, pumping billions into a system to avoid utter systemic collapse is like putting a band aid on a much larger issue. The debt is not just in the housing market, its everywhere.
There is something seriously wrong when CEOs and other executives of major coorporations and financial institutions skip away with millions in "bonuses" while countless of us middle class workers and financially responsible Americans wonder if we'll even see a bonus or merit increase, that helps feed our families, keep a roof over our head, and survive yearly cost of living increases.
It is nice to know who the ones are that sat at the sidelines and did nothing save to spew false words of assurance.
Thank you Cooper Anderson and CNN.
In no particular order...
1) Greenspan
2) Bernake
3) Paulson
4) Clinton
5) Bush
6) Cox
7) Franks
8) Head of Housing Dept.
9) *available noose
10) *available noose
Investment banks were partially to blame but they were not the root of the problem, they simply tried to capitalize on the situation.
It's really irrelevant right now just to blame whoever it is without having some restitution for their greed.
What we need now and quickly is some way to correct the problem.
Thanks
We have met the enemy and they are us. Who is to blame? Everyone involved. The financial wizards who looked to eliminate risk and still get high returns; the government who turned a blind eye to all of this as it was developing; the homeowner who looked to turn a quick buck by buying and flipping houses; the wall street sages who refused to look at history and not learn from it; and the American people as a whole for buying into a philosophy based on greed and living beyond their means.
How long has this country been talking about health care for its people
since at least the Clinton adminstration 16-years they caint
come to a agreement
But they give hundreds of millions of dollars to these fat cats
without one open commitee meeting so the people can see who
is responsible.... in seven days this farce pased??????
You no why because our own elected officials and the banks
have been abusing the system for years.
no one cares about the American people anymore not our elected
officials or these money loving screw every body bankers and
those crumbs on wall street. it didnt surprise me about that junket
the American way and the Constitution will be a foot note in history
I admire you for revealing who they are. Lets not kid ourselves. NOTHING will happen to any of them short of possible embaressment. Tomorrow will be onward and upward for them.
When is the last time you or anyone else saw someone in power held responsible for their actions? I wish I could think of just ONE time.
Good try.
Why do we have the government officials that we do? They probably blew some of the money that was passed to help them out...and now they are asking for more?! My U.S. History teacher said to us that AIG wasted some of their bailout money on a big vacation. What is wrong with these people today? They should be convicted.
These CEOs have robbed millions of Americans for their greed. These people should be in jail and forced to give back all that money they stole from the American public. This is devestating and the Bush administation should be held accountable. Disgusting!!!
This is great as long as one of the "culprits" is us, the American people. Did we really need to take out 110% of the (inflated) values of our homes in home equity lines to pay for that vacation in Florida? Did we really need a 5 bedroom/4 bathroom house for our families of 4? Should we really have bought that house with 5% down and a huge mortgage payment instead of continuing to rent? The complexity of financial instruments designed in the last decade and the immense leverage applied to these instruments is a huge part of the problem, but the bad behavior of the American people is what made it all possible. But I would be shocked if either politicians or CNN say this because it is better for ratings/election results not to blame us for our own bad behavior.
CNN you are just as responsible as the the culprits! You are bought out by the elite and your information is controlled.
Start seeking the truth!! And ,give us the truth! Start with yourselves! Stop passifying the public with partial information and controlled news!!
You do not get a pat on your back from me. Honest reporting is long overdue!! It is expected. That is what you are supposed to do.
It is a financial tsunami! Paulson and his buddies are greedy crooks and should go to jail for selling out the US. Also, Bush and Cheney should go to jail! They lied about Weapons of Mass Destruction in Iraq.......and they continue to lie and cheat the Americans.
Next, the wimpy Congress need to go to jail for buckling under the pressure of Paulson. The Congress who voted for the bailout all need to go to jail for not representing their constituents which is why they were elected by the people.
Also, blaming the American people for buying homes is just bull. If BIll Clinton, with his promises for supporting NAFTA, would not have given away the farm and outsourced the American jobs then the people would have a job and could pay their mortgages.
We simply do not have a 2 party system. Both parties are corrupt and neither get my vote this year! We need to start a 3rd party and end all this corruption at the top.
LDH
Let's put their names and faces on a deck of playing cards named "America's Most Wanted Wall Street Tycoons". The question is who will be the "Ace of Spades"?? We need to make sure the cards are distributed to casinos and resorts around the world!
Reality check.... while calling out the top 10 CEOs most responsible for this mess makes for good TV ratings, there is very little that can be done to hold them accountable. A few days of discomfort won't drain their enormous bank accounts and redistribute their money to those who need it more. As the Republicans like to say, we live in a free market society....which propagates the notion that a few individuals can make obscene fortunes so long as they stay marginally within the law, are well connected, and if someone is willing (or foolish enough) to pay them. There is no recourse.
Hello Anderson:
How about investigating the $15 million golden parachute to AIG Chief Martin Sullivan approved by the AIG Board in March – is he still going to get this? And looks like Congress is approving more bailout bucks to AIG. This is insane.
Respectfully,
Celeste Smeland
Vallejo, CA
(a town that declared bankruptcy in May 2008)
It is very easy to point fingers, however, this is the problem of this present administration. DERGULATION and we allowed it to happen. Government was created by the PEOPLE for the PEOPLE. If we were, as a unit, holding our elected officials accountable, we would not be in this mess in the first place. Yes, I agree there were some key players who raped the American public and they should be brought to justice. However, we must own up to our lack of responsibility of holding Washington accountable. We have idolized the politicians and made them celebrities and forgot they works for us. We so easily trusted in our Government to take care of us and we should. But, we have to hold them accountable. Percentage wise, how many of us have contacted our congress-person or Representative? How many of us know who our elected officials are?! Yes, we were mislead, but we were also irresponsible. Yes. Bring those who abused the system to justice and also determine in yourself to never let this happen again by becoming involved and encouraging your neighbor to do the same.
Why were additional dollars added to the AIG bailout after knowing the esxecutives spent nearly a half a million to entertain themselves following the first bailout dollars were received? It is a discrace and some needs to be held accountable
Well, if these CEO's are above the law of the United States and the House members and the Senate are too weak to make them pay for their stealing from the American tax payer; here is a simple plan. Vote all the incumbents out of office regardless of party affiliation and vote in people who will stand up to this Wall Street mafia. It is an election year the last time I looked with another one around the corner.
Whoever is responsible needs to be put on trial for crimes against humanity. I know that sounds silly but think about the implications in regards to poverty and the accompanying wars. Things are going to get very mean, the next twenty years are not going to be very nice at all.