Tuesday, October 30, 2007

Stan O'Neal, CEO of Merrill No Longer

For those who do not know who this is- Stan O'Neal was the CEO of one of the biggest finance companies in the US, Merrill Lynch, for the last 4 years.

I know he just basically got fired but the dude is bad ass. For all that he has accomplished. I am not sure where one goes after publicly getting fired, but there is always a book deal in his future. Anyway, Merrill reported billion dollar losses for the first time in 93 years.

Hey, he is not the first executive to get canned in this hellish time for finance companies. I speculate he won't be the last. With lending companies loosing and the market looking pretty weak, there will be more hard times to come.

Brain check! Seriously, I published this because he is a Black dude who was the head of a major (one of the big 5) finance company. He worked his way up to the top by being on top of his game. No doubt he made some poor choices that eventually ended with his getting fired; however, dude is not hurting. Even without a severance package he has got it better than 90% of Americans.

"Merrill said in a regulatory filing today that O'Neal won't get a bonus for 2007, and that he can't join certain competitors for 18 months. The value of his retained stock awards and benefits was approximately $161.5 million as of Oct. 29, the filing said. He'll get an office and an executive assistant for up to three years, the filing said. " Full Article

The guy made 46 million in one year! Um, I would not mind getting fired like that.
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