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Over 50 Bank Execs in FDIC Crosshairs

Other executives at the helm during the financial melee haven't had a day in court, though. Former Merrill CEO JohnThain took over the reins of CIT Group (CIT - Get Report) shortly after it exited bankruptcy, while former American International Group (AIG - Get Report) CEO Martin Sullivan was just named to lead deputy chairman of the insurance brokerage Willis Group (WSH).

But the FDIC's court battles don't pertain to insurance firms, only federally chartered banks whose deposits it provides insurance for and which needed assistance while failing. Its least expensive deal, ironically, was the largest government-insured bank collapse in history. The regulator estimates that Washington Mutual's failure will cost nothing; JPMorgan Chase (JPM - Get Report) agreed to acquire most of its assets in September 2008. The other big crisis-era bank deal -- Wells Fargo's (WFC - Get Report) acquisition of Wachovia -- didn't require any federal assistance.

>>>Wall Street Whispers: The Wachovia 'What If?'

More on Bank of America:

>>>Ken Lewis Says BofA Is Fine. Do We Buy It?

>>>BofA CEO Lewis Not Off the Hook

>>>Pondering Cuomo Vs. Bank of America

>>>BofA to Cuomo: The SEC Already Sued Us

More on AIG:

>>>Will Willis' 'Twofer' End Up A Bad Deal?

>>>Congress Backhands Greenberg in AIG Report

>>>Hank Greenberg: I Don't Run AIG

>>>AIG Ex-CEO Says There's No Going Back

-- Written by Lauren Tara LaCapra in New York.

>To contact the writer of this article, click here: Lauren Tara LaCapra.

>To submit a news tip, send an email to:
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.
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WSH $124.90 0.60%
AIG $55.82 0.00%
BAC $14.56 0.00%
C $46.28 0.00%
CIT $34.57 0.00%


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