Before Merrill hired Kraus as an executive vice president, he negotiated a $50 million pay package for himself - with the bulk of that guaranteed to him if the company was sold.
Although he did not officially start work until September, Kraus hit the jackpot after just a couple of days, when Merrill CEO John Thain sold the company to Bank of America for $50 billion amid the stock-market meltdown.
The sale automatically triggered the $25 million payout under Kraus' contract. He left Merrill this month.
Wednesday, December 31, 2008
TWO INTERESTING POINTS
Another MOTU (that's short for "capitalist pig") gets exposed as vastly overpaid suit AND it's covered by two conservative news outlets, FAUX and the NY Post. Here are the details from the Post:
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