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Merrill CEO to take fall, with $173m parachute

Goodpasture

Well-known member
LINK

The New York Times has reported the board of Merrill Lynch is almost ready to dismiss its chairman and chief executive, Stanley O'Neal, after Merrill last week announced a $US7.9 billion ($A8.6 billion) write-down stemming from the bank's aggressive move into subprime mortgages.

Mr O'Neal is entitled to $US30 million in retirement benefits as well as $US129 million in stock and option holdings ($A173 million in total), according to an analysis by James Reda & Associates using Friday's share price of $US66.09. That would be on top of the roughly $US160 million he took home in almost five years on the job.

Under Mr O'Neal, Merrill moved aggressively into lucrative businesses such as the packaging of subprime mortgages and other complex debt securities. That led to a string of blow-out quarters — and blow-out paydays. Last year, Mr O'Neal's $US46.4 million pay package made him Wall Street's second-highest paid chief executive, behind Lloyd Blankfein of Goldman Sachs, who was paid $US54.3 million, according to Equilar research.

The New York Times reported on Saturday that Mr O'Neal initiated talks about a possible merger with the North Carolina-based bank Wachovia prior to broaching the matter with the board.

think the subprime market is about to get better? It is going to get worse than any depression in history.........Thank you Mr Bush for bankrupting the country like you did your oil companies.
 

Tex

Well-known member
Goodpasture said:
LINK

The New York Times has reported the board of Merrill Lynch is almost ready to dismiss its chairman and chief executive, Stanley O'Neal, after Merrill last week announced a $US7.9 billion ($A8.6 billion) write-down stemming from the bank's aggressive move into subprime mortgages.

Mr O'Neal is entitled to $US30 million in retirement benefits as well as $US129 million in stock and option holdings ($A173 million in total), according to an analysis by James Reda & Associates using Friday's share price of $US66.09. That would be on top of the roughly $US160 million he took home in almost five years on the job.

Under Mr O'Neal, Merrill moved aggressively into lucrative businesses such as the packaging of subprime mortgages and other complex debt securities. That led to a string of blow-out quarters — and blow-out paydays. Last year, Mr O'Neal's $US46.4 million pay package made him Wall Street's second-highest paid chief executive, behind Lloyd Blankfein of Goldman Sachs, who was paid $US54.3 million, according to Equilar research.

The New York Times reported on Saturday that Mr O'Neal initiated talks about a possible merger with the North Carolina-based bank Wachovia prior to broaching the matter with the board.

think the subprime market is about to get better? It is going to get worse than any depression in history.........Thank you Mr Bush for bankrupting the country like you did your oil companies.

I bet that income isn't taxed at ordinary income tax rates the rest of us pay!
 

hopalong

Well-known member
Goodpasture said:
Tex said:
I bet that income isn't taxed at ordinary income tax rates the rest of us pay!

Of course not. Who do you think benefited from Bush's tax cuts?

So if Bush wasn't in office he would not have gotten any tax cuts??
Your logic is flawed. :roll: :roll:
 

Tex

Well-known member
hopalong said:
Goodpasture said:
Tex said:
I bet that income isn't taxed at ordinary income tax rates the rest of us pay!

Of course not. Who do you think benefited from Bush's tax cuts?

So if Bush wasn't in office he would not have gotten any tax cuts??
Your logic is flawed. :roll: :roll:

The financial side of our economy gets tax breaks. These come in the form of capital gains taxes, which are often lower than income tax for the rich.

In addition to that, they don't have to pay SS taxes, which have been used as a free source of savings for the U.S. borrowing, over 97K. Everyone under 97K in income pays a huge percent of their income into SS. Those making over 97K pay no SS taxes over the 97K amount. They are exempt, basically, from subsidizing our over spending that the SS surplus creates.

Then there are the accountant tricks.


As one of the richest men in the world states over and over again (our friend from Omaha) this is an inequity in our economy.
 
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