Here's one: Nice photo-Farkas in his prison garb. Gone are his houses and toys...From June 2011, "A federal judge on Thursday sentenced Lee B. Farkas, a former mortgage industry executive accused of masterminding one of the largest bank fraud schemes in history, to 30 years in prison. "
"As chairman of Taylor Bean, Mr. Farkas orchestrated a plot that caused the demise of Colonial Bank and cheated investors and the government out of billions of dollars, prosecutors say."
Then the story goes on say "Still, Taylor Bean was a minor financial firm based in Florida, and the crimes of Mr. Farkas began well before the crisis struck.. " This is where I wish they'd done their homework. Exploring a little more we find that Taylor Bean Whitaker was the largest "private" lending corporation in the USA. From Forbes (certainly not a liberal publication)
Lee Farkas, former chairman of Taylor Bean & Whitaker Mortgage Corp., was found guilty of all charges after a two week trial that had Farkas testifying on his own behalf."
The fraud began in 2002, when Taylor Bean overdrew its main account with Colonial by several million dollars. Midlevel executives at Colonial agreed to transfer money into Taylor Bean's accounts at the end of each day to avoid generating overdraft notices, a process known as "sweeping."
Fannie Mae CEO Daniel Mudd received $12.2 million in total compensation last year, down 15 percent from 2006, the government-sponsored enterprise said on Wednesday. Mudd's pay included his $990,000 salary, a $2.23 million bonus and a $9 million "long-term incentive" award, the company said.