- Lewis Ranieri has a net worth of $1 Billion
- During the Salamon Brothers merge with Phibro corporation he earned another $7.8 million
- Ranieri is criticized for the financial crisis between 2007-2010
The story of finance mogul Lewis Ranieri’s invigorating success is uplifting with a few twists and turns. Lewis once worked in the mailroom of Salomon Brothers, a lead securities firm. Over time, he achieved the position of Vice Chairman. While at Salomon Brothers, he furnished the development of securitization (mortgage backed securities).
Due to his contribution to securitization, the cunning executive is immensely reprimanded for the 2007 – 2010 financial crisis.
Lewis Ranieri was born in 1947. He attained the highest level of success at Salomon Brothers. During his time at Salomon Brothers, Ranieri’s net worth skyrocketed. In the 1981 merger of Phibro corporation with Salomon Brothers, the lead executives of the firm received an average payout of $7.8 million.
Ranieri left Salomon brothers in 1987. Later, he became a founding partner and chairman of Ranieri Partners, a real estate firm.
A Time of Crisis
For his contribution to securitization, Ranieri came under fire during the 2007-2010 financial crisis. However, Ranieri argued, “It wasn’t the concept of securitization that created the problem”. He further stated that Wall Street used securitization in a foul manner. Ranieri had expressed interest in rehabilitating the housing market. H explained that his firm would buy delinquent mortgages, work with homeowners and sell them stabilized loans.
He has won numerous awards. In 2005, Ranieri received the Distinguished Industry Service Award from the American Securitization Forum. Furthermore, he was inducted into the National Housing Hall of fame. Ranieri was also recognized by St. John’s University by awarding him for the work he’s done with Tomorrow’s Hope Foundation.
A popular film by the name, “The Big Short” daramatized the events of the housing cirisis between 2007 -2008. Ranieri is portrayed by Rudy Eisenzopf in the film.