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Peter Kraus (Merrill Lynch)

Written by | January 4th, 2009
Peter Kraus – a former top executive at Merrill Lynch received $25 million dollars in compensation (from Merrill Lynch) after only three months’ work.
 
Merrill Lynch was bought out by Bank of America, after Congress injected $25 billion (of taxpayer dollars) into The Bank of America.
 
 
 
Here is the stipulation:
Before Merrill hired Kraus as an executive vice president, Kraus negotiated a $50 million dollar pay package for himself – with the bulk of that guaranteed to him if the company was sold.
 
 
As far as I can see, he did not do anything illegal, however, one would have to ask; morally and ethically, was this the right thing to do?
 
 
This is yet one more example of rewarding people and companies for failure; and all at the taxpayer’s expense.
 
 
If that is not enough, have a look at his newly purchased $37 million dollar Park Avenue apartment. 
http://www.foxnews.com/story/0,2933,473967,00.html
http://www.nypost.com/seven/12302008/news/regionalnews/fat_cat_palace_is_a_crah_pad_146510.htm
 
Oh yes,
Does anyone recall the name Stanley O’Neal?
He was the one that walked away from Merrill Lynch with $160 million dollars.
http://original-republican.hypercubecafe.com/stanley-oneal-merrill-lynch/
 
Anyone out there experiencing difficult times?
Apparently these guys aren’t.
 
Again, I would like to thank Congress for their abundant generosity, and wisdom, with our money. 
 
 
Mark
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