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?
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…)