In 2017, the booming real estate industry suddenly burst into a bubble on the U.S. land, seriously injuring Wall Street financial institutions with large numbers of subprime mortgages. After that, the power of the crisis quickly spread to Europe, Japan and South Korea, and then to the world.
This dealt a huge blow to the human economy at that time, and many countries stagnated or regressed, and even worse, went bankrupt (Iceland).
So, as the protagonists who caused or mainly participated in the financial crisis, how did these big guys live afterwards?
Ben Bernanke
As the chairman of the Federal Reserve at the time, the world's number one monetary policy institution, Bernanke adopted unconventional quantitative easing in the wake of the financial crisis. Such a "poison attack" approach has been questioned and criticized by many economists, but in effect it has saved the United States – although it has made the rest of the world a funeral companion for foreign exchange depreciation.
Of course, this was also recognized by the Americans, so Bernanke was re-elected as Fed chairman until February 1, 2014. After leaving office, he seamlessly linked to work at the prestigious Brookings Institution, becoming a senior fellow until his retirement.
Henry paulson
As the U.S. Treasury secretary at the time, he refused to bail out Lehman Brothers, which led to the bankruptcy of the fourth largest super investment bank in the United States. Paulson's behavior was later questioned, and some people felt that he was taking revenge, because before working in the U.S. Treasury, Paulson was the CEO of Goldman Sachs. During his time at the helm of Goldman Sachs, Lehman Brothers was a sworn enemy and caused great trouble for Paulson's management team.
In 2011, Paulson, who stepped down from public office, established the Paulson Institute at the University of Chicago, which has an "economic talent base", to specialize in changing economic environments in China and the United States and to provide advice to multinational companies.
Timothy geithner
As president of the New York Fed at the time, and head of the most powerful branch in the Fed system, Geithner could have prevented Wall Street from going crazy. But at the fed meeting, the most important economic cooling of monetary policy before the crisis, Geithner voted against the decision to move, directly puncturing the bubble.
The follow-up story of the big guy is also interesting, first as Obama's treasury secretary, during his tenure, he was exposed for tax evasion, and finally paid fines and publicly apologized.
After stepping out of office, Geithner became president of a private equity firm called Warburg Pincus, which specializes in loan sharking.
Richard Fulde
As the last CEO of Lehman Brothers, Richard Fuld's name became synonymous with the financial crisis. Because it was he who brought Lehman Brothers into the subprime mortgage space and re-securitized these loans to investors.
The same he, because he had offended too many people, chose to watch the fire from the other side when asking for support, until the Lehman brothers became a ruin.
Still, Lehman fell, and he wasn't sad because during his tenure he earned $466 million in compensation from Lehman. With that money, Fulde opened a high-end wealth management firm called Matrix Private Capital Group in 2016, continuing his dream of becoming ceo of a financial institution.
John McKe
At that time, he was the CEO of Morgan Stanley and the "savior" of Damo and many Wall Street financial institutions. After the crisis, Damo's situation was worse than lehman Brothers, but John Mack was able to secure financial support from Japan and China, and successfully persuaded Bernanke, Paulson, and Geithner to get bailout funds from all sides — while opening the door for Paulson and Bernanke to transfuse blood to Wall Street.
After leaving Damo, Mike became a board member of fintech companies such as LendingClub and Lantern Credit.
Catherine Corbett
As the president of Standard & Poor's at the time, as one of the three most authoritative rating agencies in the world, S&P led by Catherine really pit many financial product investors. Why, because Catherine's profit model is to be a "money-collecting referee", holding the money of securities issuers while showing rating reports for the products of these institutions.
The subprime bonds wrapped in a time bomb became a safe and reliable steamed bun in the S&P report, prompting major institutional investors to snap up. Therefore, it is not an exaggeration to position it as the "culprit".
After the crisis erupted, S&P was fined $1.5 billion. But curiously, Corbett is not banned from working in financial consulting. So after S&P fired her in 2008, she immediately became the head of the fintech consulting firm Cross Ridge Capital and also served as a director of MassMutual, and her career was completely unaffected.
George bush
That's right, he's the george wrangling we're familiar with. In 2006, the president also spoke everywhere in the United States, encouraging people to speculate in houses, saying that only house speculation can continue to maintain the economic vitality of the United States.
As a high-caliber Harvard Business School graduate, Bush could not have failed to realize that the economy was overheated at the time, and perhaps he just wanted to play a "Ponzi scheme" and hope to wait until the crisis drumming was passed on to the next person — as if his predecessor, Clinton, could safely pass it into his hands.
After leaving office, In addition to occasionally attending some social events, George W. Bush was more at his home in Texas, writing books and paintings, and living a Buddhist life.
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