One of the core truths about chief executive officers is that they are responsible--in tandem with their boards--for major strategic risks that their companies take. By that definition, Merrill Lynch CEO Stanley O'Neal and his board have some answering to do. The firm announced a $5 billion...
WHEN FRANKLIN RAINES WAS APPOINTED chief executive officer of Fannie Mae in 1999, he became the first African American CEO of a major corporation. Called the Jackie Robinson of corporate America, he broke through a color barrier at the highest level of the corporate suite. Just two years later Kenneth...
WASHINGTON -- Lawmakers confronted corporate executives Friday about how they managed to take home hundreds of millions of dollars in compensation while their companies were taking a financial nosedive from the subprime mortgage crisis. "It seems that CEOs hit the lottery when their companies collapse," House Oversight...
WASHINGTON -- Three corporate executives called in for a shaming by Democratic lawmakers Friday defended raking in hundreds of millions of dollars despite contributing to the subprime mortgage crisis that has their companies reeling from losses and the nation on the edge of recession. "There's a...
With the eyes of Wall Street - and a good part of Main Street - upon them, three former financial titans of America were obliged yesterday to defend before Congress the exorbitant pay packages they received even as they each lost their jobs in the tsunami wave of housing-credit writedowns...
To: BUSINESS EDITORS Contact: Michelle Ringuette, +1-202-730-7234, or Lynda Tran, +1-202-907-1172, both of SEIU International WASHINGTON, Jan. 11 /PRNewswire-USNewswire/ -- Today'sannouncement that Countrywide CEO Angelo Mozilo will receive aseverance package totaling $115 million -- including free rides onthe company jet and his country club bills paid up until 2011...
UNITED STATES After rising higher than any woman on Wall Street, Morgan Stanley co-president Zoe Cruz stepped down, effective December 1, apparently taking the fall for billions of dollars in mortgage-related losses at the firm. Cruz, a 25-year veteran of Morgan Stanley who was considered a...
Stories this month include "'CEO Succession: Has Grooming Talent on the Inside Gone by the Wayside?" and from India Knowledge@Wharton, "HCL Infosystems' Ajai Chowdhry: 'We See India as a Very Young Country'" Plus: Podcasts on "Getting a Read on Amazon's New Kindle" and "The Subprime Drama Continues, but...
FOR ONE PRE-EMINENT FINANCIAL organization to lose its CEO is a misfortune, but for two prominent companies to lose their CEOs begins to look like carelessness. When Citigroup's Charles O. Prince III and Merrill Lynch & Co.'s E. Stanley O'Neal stepped down under pressure in the face of mounting losses...
EDITORIAL FOR ONE PRE-EMINENT FINANCIAL organization to lose its CEO is a misfortune, but for two prominent companies to lose their CEOs begins to look like carelessness. When Citigroup's Charles O. Prince III and Merrill Lynch & Co.'s E. Stanley O'Neal stepped down under pressure in the...
FOR ONE PRE-EMINENT FINANCIAL organization to lose its CEO is a misfortune, but for two prominent companies to lose their CEOs begins to look like carelessness. When Citigroup's Charles O. Prince III and Merrill Lynch & Co.'s E. Stanley O'Neal stepped down under pressure in the...
LAST JULY, MERRILL LYNCH CFO Jeff Edwards told investors that the investment bank's exposure to the subprime mess was "limited, contained, and appropriately marked," But the more than $8 billion in third-quarter sub-prime write-offs the bank took showed that Edwards was a bit off the mark. The question is, will...
MERRILL LYNCH CEO E. Stanley O'Neal knows what happens when a CEO's priorities differ from those of the company's board of directors. Subprime losses notwithstanding, O'Neal got the ax in October after the board learned he had launched merger discussions with another bank before asking for the board's approval. ...
Merrill Lynch named John A. Thain as its new chairman and CEO last week, filling the void left after the troubled departure of the company's former top executive, Stanley O'Neal, who stepped down after Merrill's huge $8.4 billion write down in the third quarter. So does this mean...
The chairman and CEO of Men'ill Lynch & Co., one of the world's leading brokerage firms, stepped down from his position in the wake of the company's recent financial losses. A statement released by Merrill Lynch said that E. Stanley O'Neal, the first African-American to run a major...
NEW YORK -- Looking to move beyond a subprime mortgage mess that quickly erupted into its worst crisis in years, Merrill Lynch on Wednesday said John Thain, head of the New York Stock Exchange, would take over as its CEO on Dec. 1. The news ended speculation about...
The secret to leadership may not boil down to that vision thing. It may not be some exceptional ability to inspire others, nor the courage to zig when all signs point to zag. Fresh research by top leadership gurus suggest that if great leaders have something in common,...
While E. Stanley O'Neal was at the head of Merrill Lynch, the brokerage firm posted its biggest quarterly loss in the company's history. How big? Try $2.24 billion. So what was the repercussion for O'Neal? The 56-year-old CEO has been forced out, but don't...
It is beyond my comprehension that the fired Merrill Lynch CEO, Stanley O'Neal, who cost the company more than $2 billion in quarterly losses, would receive a "golden parachute" of more than $160 million, a corporate office for three ...
NEW YORK -- The Stanley O'Neal era is officially over at Merrill Lynch. But the $2 trillion question -- namely, whether Merrill Lynch can regain its footing as the firm trusted by mom-and-pop investors on Main Street as well as investment bankers on Wall Street -- is very much up...
Articles 2007-10-31
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