Michael Nierenberg, age 55, has worked as Chairman of the Board and Chief Executive Officer of New Residential since 2016. Prior to this position, Mr. Nierenberg worked for Global Mortgages and Securitized Products at Bank of America Merrill Lynch as managing director and head. He was responsible for all trading and sales within the division. Michael Nierenberg was hired by Bank of America in November 2008 from JP Morgan. Before his tenure at JP Morgan, Michael Nierenberg held many senior leadership positions during his fourteen years being employed with Bear Stearns. One of these positions included head of intrest rate and foriegn exchange trading operations. Mr. Nierenberg was a member of Bear Stearns from 2006 to 2008 where he was a member of the Board of Directors. Prior to Bear Stearns, he spent seven years with Lehman Brothers where he was appointed the position of Director. The estimated worth of Michael Nierenberg is atleast $43.6 Million Dollars as of the summer of 2018. He owns over 1 million units of New Residential Investment Stock worth well over $43 Million Dollars.
Michael Nierenberg’s employment record hasn’t been completely on the up and up though. According to an article in “The Atlantic” from January 25, 2011, Nierenberg and several others from Bear Stearns were accused of cheating and defrauding investors through mortgage securities they created and sold to investors while working at Bear Stearns. Analysts from Bear Stearns admitted that they were told to falsify loan-level performance data that was provided to ratings agencies who gave Bear Stearns their billion-dollar deals. It has been said that traders under Tom Marano were pocketing the money that should of gone to securities holders after Bear Stearns already sold them bonds and had moved the loans off of the books. Michael Nierenberg was a major player, ensuring the defaulting loans that Bear Stearns was purchasing would fall off their books right after they bought them. There is a lawsuit with a lot of supporting emails that date back to 2005, naming Michael Nierenberg and numerous others that “Double-dipped” and got paid twice for the same deal.