Merrill Lynch CEO Guaranteed $159 Million Exit Package After Firm Posts Huge Loss

New York Times:

Merrill Lynch's directors may be weighing E. Stanley O'Neal's future, but one thing is already guaranteed: a payday of at least $159 million if he steps down.

Mr. O'Neal, the company's chairman and chief executive, is entitled to $30 million in retirement benefits as well as $129 million in stock and option holdings, according to an analysis by James F. Reda & Associates using yesterday's share price of $66.09. That would be on top of the roughly $160 million he took home in his nearly five years on the job.

Read the whole story: New York Times

Comments

[Harrier]

I am amazed a unions, when their wages are compared to the Japanese, why is it executive compensation is never discussed. If the average worker makes so much, how is it executives got raises putting them there and why are they immune.

The world of Finance is no different. These guys are a dime a dozen, just another suite. The person filling their shoes would have done exactly the same things as the others

[larry278]

Assassinations,tarring & feathering, criminal actions (which might show the board was an accomplace) aren't common any more. You pay an unsatisfactory employee to resign to be rid of him/her quickly. A cynic could say crime does pay well if you steal millions plus the hours are good & the other perks are great.

[guajiro]

My take is that the board members and especially the large stock owners must be totally imcompetent. How else to explain this. If one knows how to run the business then managers can come and go. The philosophy of how to run the joint rests with the owners/board and the next CEO has to accomodate to that dictate. If they have to give this kind of money away to draw in the next manager then my guess is they're trembling in their shoes at being exposed of their ignorance on how to run the show. Hush money if you will.

[lookingAhead]

This is one big area that is wrong with America. These people should not be walking away with anything if they couldn't deliver what was promised.

[bick]

eighteen thousand dollars of that severance package is the money i lost in merrill lynch mutual funds during the early years of the "bush boom".

i hope his golden parachute gets tangled in his golden propeller blades.

[nomoredead]

Go Charley Rangel! Go John Edwards!
There are hundreds of millions of US citizens that are being hurt by this corporate greed.

[watchingthings]

Bin Laden must love these guys. He just sits back and laughs as CEO'S like this grind America into the ground. Maybe he makes them honorary members of [al quida] that they can add to their parting bundle.

[helonias]

Just rewards for the folks not getting into the kingdom of heaven.

[Athenawise]

The interesting thing is that because of his position at Merrill, O'Neal is one of the top African-American executives in the country. His employees don't like him because of his hard-nose management style and tough-guy swagger. Just goes to show that race is no distinction when venality comes into play.

[getoffmedz]

America - one of the few places on Earth that one is greatly compensated for FAILURE!

Fake Republicans are shit.

[speakingtruth2power]

If BushCo can pass retroactive laws, so can we.

In 2009, we need to pass a pay your taxes act

and collect all the GOP giveaways to the rich.

[gevan]

I wanna be a CEO for Merrill Lynch, too. Please tell me where I can collect MY $159 million. Thanx!

[Ginzaman]

Those at the top screw up the company, grab all they can and then give a big f**k you to everybody under them. And who gets blamed every time? The evil greedy unions.

[nomoredead]

Right Ginz....and raising that minimun wage would hurt companies...riiiiiiight

[mrcontinental]

And then comes the book deal for millions more.

Wealth disparity eventually collapses all fiat currencies. Look out dollar because your days are numbered.

[TXfemmom]

This is what is wrong with corporate America. They control the country and are leading us to ruin, and then this incompetent, greedy man is rewarded with this kind of compensation.

He shouldn't get a single dime.