$25 million for three months work while Merrill Lynch was losing money hand-over-fist and taking taxpayer loot.
My question is, forget the taxpayers…what about the shareholders?
Where are these people? Where are the lawsuits? Clearly, these companies are in violation of their fiduciary responsibilities vis-à-vis shareholders. Where are the pension funds? The huge hedges? Hello? Anyone?
From the NY Daily News:
Four of his top deputies faced no such change of fortune, however, pocketing a total of $121 million as Merrill evaporated.
One beneficiary was Peter Kraus, a Thain hire who started at Merrill in mid-September and quit Dec. 18, the day Bank of America took over.
He walked away with a $24.9 million bonus for those three months of work, which figures to about $249,000 a day. The day he quit, his wife closed on a $36 million luxury Park Ave. co-op, records show.
Kraus declined to answer questions, although a source familiar with the matter said the amount was guaranteed in his Merrill contract.