Friday, November 2, 2007

Yet Another Reason To Resent Big Finance

We don't usually pay too much attention to the comings and goings of the high rollers in Big Finance.

But the removal this week of Stanley O'Neal as the CEO at investment bank Merrill Lynch was cause for some alarm. O'Neal, CEO since 2002, was forced out this week after the company lost $2 billion last quarter in the troubled mortgage market.

The rub: His more-than-a-little-generous "golden parachute." According to press reports, O'Neal will receive more than $160 million to leave Merrill Lynch, plus a corporate office and an executive assistant for three years.

, as the kids say. We just wonder what kind of cash O'Neal would have raked in had he actually made money last quarter at Merrill.

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