Former Merrill Lynch executive pays 37 million for NYC apartment (with taxpayer money)

[Munger]

This is 720 Park Avenue in New York City. It's one of the most expensive buildings in Manhattan. Peter Kraus and his wife Jill, just paid $37 million for an apartment in this building. This year, Peter Kraus received a payout of $25 million dollars for working at Merrill Lynch for just three months.

Merrill Lynch received TARP funds--taxpayer money. Lots of our money has fallen into the hands of executives who destroyed and looted their companies and are walking away with huge payouts. Peter Kraus is one such executive.

And he should be publically shamed.

(cont'd)

http://www.dailykos.com/storyonly/20...148/913/678437

[swgprop]

Re: Former Merrill Lynch executive pays 37 million for NYC apartment (with taxpayer money)

Jeebus, he put in a full 90 days. He's entitled isn't he? :eek:

[D-Mack]

Re: Former Merrill Lynch executive pays 37 million for NYC apartment (with taxpayer money)

Jeebus, he put in a full 90 days. He's entitled isn't he? :eek:

I hope he had Sat. and Sun. off

[don]

Re: Former Merrill Lynch executive pays 37 million for NYC apartment (with taxpayer money)

What union is he in and can I join

[stockman]

Re: Former Merrill Lynch executive pays 37 million for NYC apartment (with taxpayer money)

Executive looting not new to financial services-

Looting: The Economic Underworld of Bankruptcy for Profit http://papers.ssrn.com/sol3/papers.c...ract_id=227162

From the paper:

Looting 123108.jpg


Given that we appear to now be backing up all sorts of comapanies as 'too big to fail'- based on financial system, jobs, etc. What's an executive to do? Take the money and run!

It seems as though exec comp has evolved to a point where executives (employee?) have the ability to extract great personal wealth by managing for the SHORT TERM while the investor/shareholder (owner?) who rides his stock LONG TERM is left wondering what happened.

Perhaps by the time this is over investors will demand a change:

Change in Mood Towards Bankers.jpg

source: unknown

[c1ue]

Re: Former Merrill Lynch executive pays 37 million for NYC apartment (with taxpayer money)

You know, the picture with the sign is cute.

But it is stupid when the person holding it is standing on the street outside.

Now if said sign was in the building on a high floor...