Showing posts with label scandal. Show all posts
Showing posts with label scandal. Show all posts

Wednesday, January 21, 2009

Merrill Employees Seen Running With Paper Bags Full of Cash

In what will likely be tomorrow's #1 scandal on CNBC, FT reports that Merrill had decided to pay bonuses in December ahead of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365ir usual payout time in February, and just three days before cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 merger with Bank of America closed. What is more troubling is that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 shell of a company had allocated a total comp pool for distribution that was $15 billion or just 6% lower than 2007. BofA apparently had no problem with this accelerated payout. However, within days of cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 go ahead decision "BofA officials said cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365y became aware that Merrill's fourth quarter losses would be greater than expected and began talks with cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 treasury on securing additional TARP money."

And sure enough days later Joe Lewis bought $1.2 million of BAC stock, frontrunning cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 US taxpayers who funded bailout number 2: this time cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 TARP check was for $20 billion, or roughly enough to cover cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 comp paid out weeks earlier at Merrill.

Good to know that all cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 Merrill employees were so critical that cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 flight risk was worth $15 billion, or enough to almost bring cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 successor company down. Any headhunters know what Angelo Mozzillo is saying his comp for 2008 was as he is looking for a job? It is surprising to us that with all cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365se news of gargantuan corporate impropriety at BAC, nobody has started rioting or looting cá cược thể thao bet365_cách nạp tiền vào bet365_ đăng ký bet365 glassy eco-friendly skyscraper at One Bryant Park.

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