Wednesday, October 31, 2007
Loose $8.4 Billion and be eligible for $160 mil severance Package.
Stan O’Neil, the CEO of Merrill Lynch got canned today for loosing $8.4 billion last quarter speculating in sub prime mortgages. His severance package includes vested stock options worth $36.8 mil, yet to vest stock options $86 mil, 24.8 mil in retirement benefits and 4.8 mil of “defered compensation” (a tax dodge). Not bad for a guy who racked up the biggest loss in Merrill Lynch history. I shudder to think what the retirement bennies are for a CEO who actually makes money.