Sort of like John Thain, the CEO of Merrill Lynch. His contributions to his prestigious and storied company's bottom line include a 70% drop in the company's stock's value since he took over. But what he'll really be remembered for is keeping Merrill out of bankruptcy, by selling it to Bank of America.
Or maybe he'll be remembered for his solid-gold parachute:
That should buy him a solid gold house and rocket car, and leave him enough left over to eat salads made from $50/hr lettuce.
Any payouts triggered by a change in control are on top of a $15 million signing bonus awarded to Thain last December.
The payouts wouldn't be much of a raise compared with the $20.2 million Thain got during his last year at Goldman Sachs in 2003.
"I doubt Thain understood the magnitude of risk and exposure on the Merrill's balance sheet,'' Bove said. "I don't think anyone could have done a whole lot.''Yeah, he probably didn't really understand the whole "balance sheet" thing when he signed on to this job - it's pretty tough to get your head around all those acronyms and stuff. But I'll bet he understood to the penny the part of his contract detailing the compensation he'd receive when he left.