Thinkprogress:
Merrill Lynch executive vice president Peter Kraus “is likely to leave with more than $10 million in compensation” after the company was bought by Bank of America last month. “He isn’t affected by a provision in the government’s rescue plan that curbs executive compensation, a person familiar with the situation said,” the Wall Street Journal noted. Bloomberg reported yesterday that Merrill Lynch “plans to cut about 500 jobs in its trading division as Chief Executive Officer John Thain shrinks the workforce to gird for a recession.”
1 comment:
Nice to know who's on the inside of the Bush crime team. Merrill Lynch followed the Bush plan and stole from the taxpayers will making sure 500 people lose their jobs. Now that 700 billion bailout will be used for Goldman Sachs/Citi Bank and ballon parachutes for executives who played along with the crime wave for the pass 7 years. GREED IS GOOD
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