It's good to be the king

Who out there can't relate to a golden parachute like this?

Merrill Lynch’s directors may be weighing E. Stanley O’Neal’s future, but one thing is already guaranteed: a payday of at least $159 million if he steps down.

Mr. O’Neal, the company’s chairman and chief executive, is entitled to $30 million in retirement benefits as well as $129 million in stock and option holdings, according to an analysis by James F. Reda & Associates using yesterday’s share price of $66.09. That would be on top of the roughly $160 million he took home in his nearly five years on the job.

So Merrill Lynch has to write down a staggering $8.4 billion due to the disastrous mistakes of O'Neal, many jobs will be terminated because of his failed decisions and the guy is going to walk about with this kind of money. I realize he has a contract but really, if America can afford screw ups like this guy at the top, why the hell is it so difficult to see decent benefits and salary increases for the rest of the working population? $159 million is a lot of health care and a lot of salary for others.

Looking objectively at this guys record, he was crap and did not warrant such a lofty pay plan. Where's the personal responsibility from O'Neal on his failures? Sure he's going to be canned but who out there wouldn't want to be fired with this? Our continued idolization of corporate buffoons like this is ridiculous not to mention bloody expensive.