Vice Presidents Anonymous is a support group for recovering VPs, much like Alcoholics Anonymous is for alcoholics. But instead of sharing stories about struggles with alcohol, we share stories about struggles with greed, sleaze, aggression, delusion, paralysis and imbecility .
Thain, John—Merrill Lynch
Wang, An—Wang Labs
Weill, Sanford—American Express
The Shatterer of Glass-Steagall.” Yeah, that turned out well for all of us.
You could say he didn’t oversee the Citi merger well.
Add it all together and...voila! The 07-08 Financial Crisis was born. Just lovely
Weinstein, Harvey—The Weinstein Company
Welch, Jack—General Electric
Yes, he brought us ATMs, and he supposedly saved many countries from economic and political austerity from oppressive governments with how he changed the banking system. He rearranged the table: making a billion dollar bet on technology in the late 70s, he led the charge on the immediate integration of money flow across the globe. People could send money from London to New Delhi in a matter of seconds. His philosophy brought many changes to American business, one of them being rapid deregulation of the industry. Nothing could go wrong there, right
Wrong. Deregulation, high-risk loans, and other methods held up fine before he retired. But then the guy who made the system handed it off to guys who didn’t care much for its long term sustainability—after all, it’s all about short term gains, right? Well yes, right. But they didn’t care. Still don’t. Chase almost went under in 1991 because of this. They avoided collapse then, but would get it on the chin 17 years later. 2008 was a direct result of this finance Messiah.