Merrill CEO Has So-So Day
As reported in yesterday’s Globe ROB p.1, Merill Lynch CEO Stan O’Neal seems set to be the fall guy for his firm losing Billions on asset-backed securities.
That sounds like bad news for him. But news of his pending departure drove up Merrill shares, giving Mr O’Neal a paper gain of $16 Million on his stock and option holdings of $129 Million. He is apparently also entitled to $30 Million in retirement benefits on top of the $160 Million he made over the past 5 years.
Talk about soft landings.