Posted on 12/30/2008 1:10:50 PM PST by Red in Blue PA
Edited on 12/30/2008 1:13:46 PM PST by Admin Moderator. [history]
A former top executive at Merrill Lynch who received a $25 million golden parachute after just three months of work has purchased a $37 million Park Avenue palace.
Peter Kraus, 55, paid the staggering sum for a five-bedroom co-op on New York's posh Park Avenue after getting a $25 million buyout from Merrill Lynch when the company was sold to Bank of America in September, the New York Post reported.
(Excerpt) Read more at foxnews.com ...
Uh... 15 rooms is not an apartment.
So, couldn’t afford Boardwalk, huh?
WOW. Makes my little one bedroom apartment in Newport News look kinda chincy.
But I’m not a high level executive, just a retired Army sergeant.
Hush serf. Eat your cake.
LOL
Wow
Why can’t I get work like this?
You’ve never been to the Upper East Side, I take it.
FAT-CAT PALACE IS A 'CRA$H' PAD: EX-MERRILL BIG'S 'BAILOUT' BONANZA
You can always count on the Post to sensationalize it, and add a class warfare element.
Well, in fairness, he was at Goldman Sachs for 22 years, Merrill is the fat unpopular boy of Wall Street. Nobody goes to Merrill unless there’s a ton of cash and security involved. His bailout package was probably finalized with the employment contract.
Man that’s a ritzy pad. He only worked for a few days and he walked away with $25M. Not bad!
Exactly. He might not be regretting the move at the moment (given that many Goldman execs had to give up their bonuses), but without this bonus he probably would be. He knew what he was doing when he negotiated his contract, and I don’t see how anyone can blame him for this.
Just viewed the pics and it must be because I am not upper crust but I think the interior decorating is just horrible. Yuk.
When millionaire are getting rich off my tax dollars, call it class warfare if you must but it is sickening.
You are probably the only person I know now disgusted by it.
They weren’t your tax dollars. He agreed to leave Goldman for Merrill (with the contract guaranteeing this severance package) before the bailout was even proposed, Merrill agreed to be sold to BoA before the bailout (triggering the $25 million severance), and Merrill has not received any bailout money. I don’t see how you can argue he has received your taxpayer money.
>>I don’t see how you can argue he has received your taxpayer money.<<
So they went broke paying his bonus (among other things) and then the government gave them money to pay their debts. Somehow that does not make me feel better about the Taxpayer Asset Removal Program.
What should Merrill do--try to renege on the employment contract? Should Kraus just give it up because, hey, the company that hired him got acquired by another company that later accepted TARP funds (under pressure from Paulson, even though they were actually pretty healthy)?
http://www.newsmeat.com/fec/bystate_detail.php?st=NY&last=kraus&first=peter
He gave to Democrats...so it’s cool (PUKE)
>>What should Merrill do—try to renege on the employment contract?<<
They probably can’t legally avoid paying the Kraus bonus, but “our” government should not mindlessly give BoA (or any other company) money.
When BoA buys Merrill, it buys Merrill’s debts.
So what did happen to the money that Paulson forced BoA to accept? Whatever happened to it, (assuming that the BoA bailout was a legally binding loan) if BoA or whoever eats BoA goes under, it’s our problem. You say BoA is “pretty healthy” but I remember last year when AIG was considered a good investment among many Wall Street “experts.”
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