Word: neal
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...have our first big-game catch of the 2007 housing slump and credit crunch. On Oct. 30, Stan O'Neal resigned his post as CEO of Merrill Lynch after reporting that his firm would suffer a $7.9 billion hit to the value of its assets because of bad bets on mortgage-related securities. O'Neal personally took blame for Merrill's forceful push into complex instruments designed to distribute the risk of a surging subprime-mortgage market--the ones now imploding as home prices flatline and defaults spike...
...easy to snort at the fate of a very rich man being handed a $161.5 million parting gift, or to find satisfaction in his dramatic comeuppance. O'Neal's tendency to play golf by himself has been held up time and again as a sign of a disconnected and friendless manager who would eventually have been undone anyway...
...Wall Street right now, it is ugly all around. UBS took a $3.4 billion write-down. Citigroup copped to $3.3 billion, and rumors started circulating that CEO Chuck Prince was headed for the door. Less than a week before his ouster, O'Neal explained the genesis of the malaise: "We just got too big in this area," he said. They simply kept going. In a culture where bigger only means better, it's almost hard to imagine it any other way. At least until the market comes along and rights itself...
...former Merrill Lynch CEO E. Stanley O’Neal, the fall from financial power was fast. And while colleagues have blamed his go-it-alone approach, friends from his days at Harvard Business School remember a different Stan...
...Neal Brunner MOUNT HOREB...