Slideshow Edifice Wrecks: Monuments to Financiers Who Ran into Trouble

Published
  • August 07 2013, 1:54pm EDT
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Nothing shows a banker or financier has arrived like having a prominent architectural edifice named after him. Some who've enjoyed such distinction have gone on to garner public attention for far less flattering matters, including serious legal troubles. Here's a look at prominent figures, and institutions, that fit the profile. (Image: Thinkstock)

Stevie Cohen's E.R.

Steven A. Cohen's hedge fund, SAC Capital Advisors, was recently indicted for alleged involvement in insider trading (Cohen himself has not been charged). Cohen, who made billions running SAC, gave $50 million in 2011 to Morgan Stanley Children's Hospital, which is part of New York-Presbyterian. The hospital's high-tech, family-friendly emergency room is named after Cohen and his wife, Alexandra. (Image: Bloomberg News)

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Allbritton Art Museum

Joe Allbritton led Riggs National Bank in Washington for more than two decades. He was eventually forced to resign after regulators discovered the bank was involved in a money laundering scheme that benefitted foreign dictators. Riggs was later sold to PNC Bank. The Allbritton Art Institute of Baylor University is named for Allbritton, who died in December.

BankAtlantic to BB&T

Sometimes buildings are named not after bankers but after banks (or businesses, like the Houston Astros' Enron Field, which is now Minute Maid Park). The home of the National Hockey League's Florida Panthers was formerly known as the BankAtlantic Center. Regulators sued BankAtlantic in 2012 for misrepresenting the condition of its loan portfolio. The hockey venue is currently named BB&T Center.

Greenberg Pavilion

Hank Greenberg built American International Group Inc. into a global insurance and financial colossus. He was eventually forced out by New York Attorney General Eliot Spitzer, and AIG nearly collapsed a few years later. Greenberg and three other executives eventually agreed to pay $115 million to AIG shareholders, who claimed the defendants had misstated their involvement in alleged bid-rigging schemes and misled investors about alleged accounting fraud. The Greenberg Pavilion at NewYork-Presbyterian Hospital is named for Greenberg in recognition of his charitable gifts. (Image: Bloomberg News)

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Bert Lance Highway

Bert Lance served as President Jimmy Carter's budget director in the 1970s. Lance later resigned as budget director amid allegations of corruption during his time as president of First National Bank of Calhoun, Ga. He was eventually cleared of all charges. The Bert Lance Highway, a section of Interstate 75 in Georgia, is named for him.

Gabelli's Twofer

Mario Gabelli runs the mutual fund group Gamco Investors. Gabelli agreed to a $100 million settlement in 2006 with early investors to settle claims that he'd looted the company. Gabelli has donated money to Fordham University, which named a business school for him, and to Columbia University's business school, which named a faculty endowment for him.

Friend of Bill

President Bill Clinton pardoned commodities trader and financier Marc Rich of charges of tax evasion on his last day in office in 2001. An engineering building at Bar-Ilan University in Israel is named for Rich, who died in June. (Image: Bloomberg News)

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Stern's Financial Education

Leonard N. Stern is not a banker, but many who eventually join the industry pass through the doors of New York University's Stern School of Business, which is named after him. A prodigious entrepreneur, Stern built an empire spanning everything from real estate to pet supplies. Hartz Mountain Industries, his pet supply firm, pleaded guilty to federal charges including obstruction of justice and perjury and was fined $20,000. Stern's family paid $42 million to settle charges by a Hartz rival that it had engaged in commercial bribery, perjury and antitrust violations. His son, Edward Stern, paid $40 million to settle New York State charges that he'd engaged in illegal securities trading with Bank of America's Nations Funds, Bank One and others. (Image: Bloomberg News)

Enron

Arthur Andersen LLP was a "Big Five" accounting firm before it was forced to dissolve in 2002, a result of an obstruction of justice conviction for company officials related to its role as auditor in the Enron scandal. The Supreme Court overturned the convictions in 2005, by which time the firm was effectively defunct. A 299-seat lecture hall at the University of California's Haas School of Business continues to bear the name Arthur Andersen Auditorium. Arthur Andersen, the namesake for company he founded, died in 1947. (Pictured: Former Enron CEO Jeffrey Skilling) (Image: Bloomberg News)