Shame, Shame, Shame... Merrill Board, Ex-CEO Under Fire

[HakkaThaileen]

In delivering his impassioned speech during Merrill Lynch's final shareholders' meeting, Mr Winthrop Smith Jr, the son of a Merrill Lynch founder and a long time Merrill executive has this to say:

".. shame to both the current as well as the former directors who allowed this former CEO (Stan O'Neal) to wreak havoc on this great company. Shame on them for allowing this former CEO to conciously and openly disparage Mother Merrill, ...Shame on them for allowing Stan O'Neal to retire with a US$160 million retirement package and shame on them for not resigning themselves."

Watch out..! Many of our local institutions are modelled after the American system.

One good example was when the former national bank's ang mo CEO created a hopeless mess in the institution, the bank paid millions of dollars to buy him out of the bank under the term of condition of service. What kind of shit system is this..!

 

[allanlee]

Watch out..! Many of our local institutions are modelled after the American system.

with some adjustments like...... one for u, one for me, one for u, one for me after the $$$ is paid to the angmo

What kind of shit system is this..!

How to suck the peasant's $$$ system....

 

[R4g3]

this kind of system is defended as perfect until problem arises and normally it will be too late to do anything.

Kind of similar to our system here, a matter of when is the day it collapse.

 

[pfingo]

where 2 draw line on a CEO pay package? top executive who overseas a billion dollar bank surely can be allowed 2 have such remuneration

 

[myo539]

this kind of system is defended as perfect until problem arises and normally it will be too late to do anything.

Kind of similar to our system here, a matter of when is the day it collapse.

You see our ministers have to work so hard to look after so many people in the country, spend most Sundays and evenings meeting the residents, and at the same time solve big problems of the state, and they are paid peanuts compared to this CEO.

Our anti-PAP guys can still KPKB that they earn so much when they earned billions for the country. Now they realise how much our ministers are really underpaid.

 

[rickws8437]

CEO of big companies should have their pays & bonuses pegged to the company's performance whereas rank & files workers draw their salaries accordingly. Only in this way can there be truly even play as their decesions often or not affect the companies's outcome. Unfortunately in today's situation it is often the reverse in play which often leads to the company's downfall because the people in power often safeguard their own interests first rather than the company.

I can bet you my last dollar that if the CEOs are the last person to draw their salary after every workers the company will often never be in the red less any unusual scenerios.

 

[banova888]

One good example was when the former national bank's ang mo CEO created a hopeless mess in the institution, the bank paid millions of dollars to buy him out of the bank under the term of condition of service. What kind of shit system is this..!

The shit system also sponsored many potential chinese einsteins' from china to singapore.

 

[annexa]

ML CEO just asked for USD 10 Mil for bonus! Hahahahahahahaha

Is the kind of talent our gahmen wants right?

 

[jw5]

where 2 draw line on a CEO pay package? top executive who overseas a billion dollar bank surely can be allowed 2 have such remuneration

But what if the bank goes under while he is in charge?
Can the shareholders and creditors get back the years of remuneration from him?