Wednesday, December 17, 2008
LOUISE STORY, New York Times,
LOUISE STORY, New York Times,
On Wall Street, Bonuses, Not Profits, Were Real
“As a result of the extraordinary growth at Merrill during my tenure as C.E.O., the board saw fit to increase my compensation each year.” — E. Stanley O’Neal, the former chief executive of Merrill Lynch, March 2008.
For Dow Kim, 2006 was a very good year. While his salary at Merrill Lynch was $350,000, his total compensation was 100 times that — $35 million.
The difference between the two amounts was his bonus, a rich reward for the robust earnings made by the traders he oversaw in Merrill’s mortgage business.
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Posted by Editor on 12/17/08 at 05:01 PM •
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