O'Neal booted all the way to the bank

I wish that I could screw up and get fired. (here’s the best part) As, I collect my things and clean out my office, I put my “I just go booted package” for $161 million.Yep, that’s the severance package that Merrill Lynch’s CEO Stan O’Neal will get. How could su-prime mortgages ever looked like a great investment. Somebody help me? Outside of a get rich quick scheme, how could loaning money to people who can’t afford the house be a good thing?

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From MSNBC:

Merrill Lynch’s departing chief executive, Stan O’Neal, will walk away with $161.5 million in stock, options and retirement benefits, the company said Tuesday.

O’Neal, the second-highest paid Wall Street CEO in 2006, retired from Merrill Lynch & Co. Inc. on Tuesday, almost a week after the investment bank reported its largest-ever quarterly loss. The $2.24 billion loss was precipitated by a $7.9 billion third-quarter writedown, as the company revalued assets backed by shaky mortgages. O’Neal’s ouster was expected after the loss. (more…)

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ABOUT AUTHOR
Errington C. Thompson, MD

Dr. Thompson is a surgeon, scholar, full-time sports fan and part-time political activist. He is active in a number of community projects and initiatives. Through medicine, he strives to improve the physical health of all he treats.

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A Letter to America

The Thirteeneth Juror

Where is The Outrage Topics
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