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.
Does anyone recall the name Stanley O’Neal?
He was the one that walked away from Merrill Lynch with $160 million dollars.
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.