The Platinum Parachute of Peter Kraus
p2pnet news view | Off Topic:- Speaking of homeless people, Peter Kraus was hired by Merrill Lynch in May, but didn’t officially start until September.
That was just before Merrill Lynch CEO John Thain, who walked off with $83 million — Yes, that’s EIGHTY THREE MILLLION DOLLARS — in 2007, “hurriedly sold the firm to Bank of America to avoid the bankruptcy-filing fate of rival Lehman Brothers Holdings,” says the Wall Street Journal.
Among other things, Kraus was to have led, “initiatives to integrate the work of the corporate strategy and business development team with the efforts of the firm’s senior business leaders around the world to identify cross-platform synergies,” says BloggingStocks.
“But there wasn’t much of a business strategy or global growth plan to oversee in his few hours on the job before he resigned …”
He was out of a job, but he didn’t end up sleeping in the park – Central Park, that is.
Instead, he used his $25 million — Yes, that’s TWENTY FIVE MILLION DOLLARS — bonus cash to go towards his new apartment at 720 Park Avenue for $36.63 million — Yes, that’s THIRTY SIX POINT SIX THREE MILLION DOLLARS.
Nor did he stay out of work for long.
He has a new job at AllianceBernstein, “which is in the midst of the fight of its life after assets under management decreased 18% in the third quarter as investors pulled money out and investment returns fell,” says the WSJ.
Maybe Kraus can lend them a buck or two to tide them over.
The story doesn’t say how much he’ll get if he does a Merrill Lynch after a few weeks.
JN
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January 1st, 2009 at 8:13 pm
One has the idea this fellow is not all he seems, mabye a little further digging would be in order.
January 1st, 2009 at 9:20 pm
Looks like the 700 billion dollars — Yes, that’s SEVEN HUNDRED BILLION DOLLARS (Jon, this caps crap is a little annoying) — was used to do nothing more than increase the coffers of the assholes at Wall Street. No surprise there. It is still appalling that the US government gave the bastards the money, while knowing well that the reason the stock prices were so low was due to blatant and endless list of scandals by the fat cats and politicians in the US.
January 1st, 2009 at 10:56 pm
“It is still appalling that the US government gave the bastards the money…”
One thing people don’t appear to be considering here is that the money that has been “given” doesn’t come from the US Government. The US doesn’t print its own money. All US money is LOANED from the Federal Reserve (at interest).
And, the Federal Reserve is not owned by the US Government – it’s owned by the same bastards that own the corporations being “bailed out”.
This makes the whole thing more than just appalling…
And demonstrates why it’s time people (Americans in this case) need to start turning off their TVs once in a while and see how they’re being completely screwed over.