Tuesday, October 30, 2007

Stan O'Neal Is Retired, As of Like.....Now.

So it finally is finished. But what a weird way to go. Merrill Lynch announced that Stan O'Neal was not being fired, or that he was simply stepping down. No, Stan O'Neal retired...immediately. Like he is sooo retired. Do you think they threw him a retirement party? Do you think they got him a cake at least?

I think the $160 million will help ease those wounds. But I bet it still smarts that he didn't get any "over the hill" kind of jokes that come with retirement.

But lets get one thing straight...he is going to get $160 million for pissing off his company in general, making bad bets on sub-prime loans, and post a quarterly loss of $8 billion and he still has the rights to that money. I think I could handle a job like that.

$160 million for screwing up so royally that everyone from top to bottom is cheering you out the door. Where can I get a job like that? I have no problem with people not liking me for stupid decisions that I make and get paid handsomely for it.

And now the company has had a class action suit file against them for not being transparent enough with their bets on the sub-prime market. And poor Merrill Lynch is holding the bag while Stan is out there enjoying his immediate retirement.

Now certainly, Stan O'Neal was not the person making all the decisions in the sub-prime arena. But the buck does stop at the CEO. If he isn't aware or approving of what is happening, he shouldn't have been CEO to begin with. Be certain, that he is not the only one whose head is going to roll. How many other immediate retirements are coming out of Merrill.

What a mess.

No comments: