United have been knocked out of the Champions League at the group stage - the trophy Schmeichel won in 1999 - and appear unlikely to catch Chelsea in the Barclays Premiership.
'From where I'm looking, all the players seem interested in now is cars and who has the biggest diamond,' Schmeichel said.
Aside from striker Wayne Rooney, former United goalkeeper Schmeichel is not convinced of the quality in the squad. Sir Alex Ferguson's side also recently parted company with long-serving captain Roy Keane.
Schmeichel also criticised Rio Ferdinand - who stalled on a contract earlier this year - and believes Cristiano Ronaldo and Park Ji-Sung are not the answer to United's problems.
'Today's United team lack personality,' he told the Mail on Sunday. 'They certainly had that in Roy Keane. The only one with that kind of personality today is Wayne Rooney.
'I'm thinking about players who could take the club forward. Ronaldo? No chance. Park? No chance. Ferdinand? No chance. Rio has lost a lot of respect at the club because he only thinks about himself. Without Rooney, United would be a very ordinary team.'
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