CNN Money has reported that Stanley O'Neal, who left Merrill Lynch as CEO today has left with a package of up to $160 million.
The company reported a loss of $8 billion last week on sub-prime mortgages.
O'Neal has made 2% of that to walk away.
I'm not sure what I find more offensive:
1. Lending to people who you know cannot repay;
2. Paying people small fortunes to decide to buy that debt;
3. Losing pensioner's money, because that was, at the end of the day, used to finance these deals - after all - most stock holding is now in mutual funds of some sort or other;
4. Paying $160 million to reward incompetence.
If you tell me you think this economy is sustainable I won't believe you. It isn't. Justice requires that it isn't. And justice tends to have its way, in the end.