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DealBook (Free subscription) | 08/07/2008
... 22 cents on the dollar — I thought it would be interesting to compare his contract with that of E. Stanley O’Neal, Merrill’s previous chief executive. It was on Mr. O’Neal’s watch that Merrill acquired most of the subprime assets and trading positions that resulted in those write-downs. Last year, Mr. O’Neal retired with a $160 million payout from Merrill.You can sort...
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DealBook (Free subscription) | 07/18/2008
“First of all, I take exception to the ‘you guys’ comment. I did not create these C.D.O.’s.” – John A. Thain, Merrill Lynch’s chief executive, responding to an analyst comment during the securities firm’s conference call Thursday afternoon. He was referring to mortgage investments that Merrill made under his predecessor, E. Stanley O’Neal.
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Scotsman.com (Free subscription) | 08/09/2008
... in late 2007 in anticipation of the full impact of the subprime crisis. "When we saw people like Stan O'Neal at Merrill Lynch falling on their swords, we knew it wasn't going to be a happy ending," said Yeadon. "The fund can hold between 30 and 60 per cent in equities and we ran it down to around 37 per cent, where it stayed until March this year when we started buying back in as...
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DealBreaker (Free subscription) | 08/04/2008
We were inclined to laugh when Carl Icahn and Hank Greenberg told us that they despised golf and didn't trust executives who like the game. But all through the credit crunch we've encountered Wall Street executives who played golf while their firms faced crisis and pivotal moments. Stan O'Neal's the most famous example. He was golfing even as his Merrill Lynch was mounting billions in...
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icWales (Free subscription) | 08/06/2008
... Applegarth, former chief executive of Northern Rock, walked away with a £380,000 payoff, while Stan O’Neal, former boss of Merrill Lynch, exited with a package worth more than £50m, despite presiding over the bank’s biggest losses ever during 2007.Few, if any firms in Wales could contemplate golden handshakes on such a scale. However they could still end up paying out much more than...
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Business Spectator (Free subscription) | 08/04/2008
... his five-month bonus is equivalent to $96 million for a full year – twice what ousted Merrill boss Stan O’Neal took home in 2006, and far more than Thain is likely to make. Merrill’s multi-billion dollar losses and the uncertain outlook for investment banks should have tempered Thain’s generosity. But neither that, nor Merrill’s otherwise appropriately named head of human resources...
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DealBook (Free subscription) | 07/29/2008
... goes on: “All of Thain’s promises in January - all of them - have been broken. If it had been Stan O’Neal making the same promises, he would be the world’s biggest laughing-stock at this point; as it is, it seems he left just in time.”
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Democratic Underground (Free subscription) | 07/29/2008
... in an effort to keep pace with mounting charges on mortgage bonds amassed by his predecessor, Stan O'Neal. Standard & Poor's cut the firm's debt rating last month and signaled that more downgrades were possible. ``It does mark an attempt at curing the problem but at a tremendous cost to existing shareholders,'' said Charles Peabody, an analyst at Portales Partners LLC in New...
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The Telegraph (Free subscription) | 07/29/2008
... majority" of its positions in a certain type of complex debt vehicle.Mr Thain, who took over from Stan O'Neal last December, said the news marked a "significant milestone in our risk reduction efforts".Merrill has agreed to sell a package of complex debt vehicles - known as collateralised debt obligations (CDOs) - to private equity house Lone Star. Lone Star is paying $6.7bn for the...
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The Telegraph (Free subscription) | 07/18/2008
... leveraged and sub-prime-related assets.Mr Thain, who was parachuted in to replace ousted chairman Stan O'Neal last December, stressed that the bank had increased its liquidity pool to "a record level of $92bn".The results included a $445m restructuring charge linked to the bank's move to cut 3,100 jobs in the period, reducing its total headcount to 60,000.The move came as JP Morgan...
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The Telegraph (Free subscription) | 07/18/2008
... who was drafted in to turn around Merrrill's fortunes after the hasty exit of former incumbent Stan O'Neal last autumn, is understood to be prepared to unveil a number of asset sales today in order to maintain the bank's capital standing.If Merrill does take $6bn in writedowns, it is likely to need to raise up to $5bn to maintain current capital levels. As a result, Merrill's 20pc...
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The Telegraph (Free subscription) | 07/17/2008
... who was drafted in to turn around the bank's fortunes after the hasty exit of former incumbent Stan O'Neal last autumn, is understood to be prepared to unveil a number of asset sales today in order to maintain the bank's capital standing.If Merrill does take $6bn in writedowns, it is likely to need to raise up to $5bn to maintain current capital levels. As a result, Merrill's 20pc...
