Monday, October 29, 2007

Clean Sweep of the Executive Suite

Stan O'Neal is supposedly meeting at the close with the board of Merrill to negotiate his severance package. According to the media reports, his agreement does not include a package. However, no one expects him to be fired or to resign without a multi-million dollar package.

Interesting comment by an analyst this afternoon on the O'Neill turmoil - the termination of O'Neal is not enough, and the analyst said that what Merrill needs is "a clean sweep of the executive suite."
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