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Banker Buys $37 Million Apartment After Getting $25 Million Buyout -- for Doing Virtually Nothing
Fox ^ | 12/30/2008 | Staff

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 ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: goldenparachute; merrilllynch; peterkraus; wallstreet

1 posted on 12/30/2008 1:10:51 PM PST by Red in Blue PA
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To: Red in Blue PA

Uh... 15 rooms is not an apartment.


2 posted on 12/30/2008 1:11:58 PM PST by wastedyears (In Canada, Santa says "Ho Ho, eh?")
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To: Red in Blue PA

So, couldn’t afford Boardwalk, huh?


3 posted on 12/30/2008 1:12:31 PM PST by rightinthemiddle (Without the Mainstream Media, the Left is Nothing.)
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To: Red in Blue PA

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.


4 posted on 12/30/2008 1:17:16 PM PST by R. Scott (Humanity i love you because when you're hard up you pawn your Intelligence to buy a drink)
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To: Red in Blue PA

Hush serf. Eat your cake.

LOL


5 posted on 12/30/2008 1:17:21 PM PST by cripplecreek (The poor bastards have us surrounded.)
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To: Red in Blue PA
A former top executive at Merrill Lynch who received a $25 million golden parachute after just three months of work

Wow

6 posted on 12/30/2008 1:18:50 PM PST by b4its2late (Ignorance allows liberalism to prosper.)
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To: Red in Blue PA

Why can’t I get work like this?


7 posted on 12/30/2008 1:22:28 PM PST by Dallas59 (Not My President)
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To: wastedyears

You’ve never been to the Upper East Side, I take it.


8 posted on 12/30/2008 1:25:04 PM PST by Arguendo
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To: Red in Blue PA
Here's the related Post article:

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.

9 posted on 12/30/2008 1:28:10 PM PST by Arguendo
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To: b4its2late

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.


10 posted on 12/30/2008 1:31:14 PM PST by snowboarding conservative
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To: Red in Blue PA

Man that’s a ritzy pad. He only worked for a few days and he walked away with $25M. Not bad!


11 posted on 12/30/2008 1:35:30 PM PST by NRA2BFree (We've got more snow since Albore invented global warming than we've had for the last two decades.)
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To: snowboarding conservative

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.


12 posted on 12/30/2008 1:46:50 PM PST by Arguendo
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To: Red in Blue PA

Just viewed the pics and it must be because I am not upper crust but I think the interior decorating is just horrible. Yuk.


13 posted on 12/30/2008 2:57:00 PM PST by Cyman
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To: Arguendo

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.


14 posted on 12/30/2008 6:08:39 PM PST by Red in Blue PA (Guns don't kill people; abortion clinics do.)
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To: Red in Blue PA

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.


15 posted on 12/30/2008 7:49:34 PM PST by Arguendo
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To: Arguendo

>>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.


16 posted on 12/30/2008 9:15:32 PM PST by ding_dong_daddy_from_dumas (I want to "Buy American" but the only things for sale made in the USA are politicians)
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To: ding_dong_daddy_from_dumas
Merrill has not gotten any TARP money--they agreed to be sold to BoA before the bailout was even proposed.

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)?

17 posted on 12/30/2008 9:44:37 PM PST by Arguendo
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To: Red in Blue PA

http://www.newsmeat.com/fec/bystate_detail.php?st=NY&last=kraus&first=peter

He gave to Democrats...so it’s cool (PUKE)


18 posted on 12/30/2008 9:47:39 PM PST by BookmanTheJanitor
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To: Arguendo

>>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.”


19 posted on 12/30/2008 10:15:23 PM PST by ding_dong_daddy_from_dumas (I want to "Buy American" but the only things for sale made in the USA are politicians)
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