Merrill Lynch CEO ousted after massive loss

[Michaelangelica]

Do we need a sub-forum in Social Science for Economics/economists/ business?

For articles like this:-

Merrill Lynch CEO ousted after massive loss

Posted October 31, 2007 01:25:00

Updated October 31, 2007 01:40:00

 

 

Mr O'Neal's tenure comes to an end after he misjudged the company's exposure to risky subprime loans (file photo) (AFP)

 

Merrill Lynch has ousted chairman and chief executive Stan O'Neal, just days after reporting the biggest quarterly loss in the company's history.

 

Mr O'Neal will leave with $US161.5 million (AUD$175.7 million) of securities and retirement funds, according to a regulatory filing quoted by Bloomberg.

 

He will also get an office and executive assistant for up to three years, the filing said. He will not get a 2007 bonus.

 

Nice "golden handshake' for stuffing things up (!!!)