Just read the article below and you will understand why I feel like pulling my hair out and shouting a few unsavory words. Why should the everyday people invest in Wall Street. How can the American people trust in the system anymore. The audacity of this guy, its unbelievable. He is laughing all the way to the bank with "our tax dollars". That son of a B----" I am sorry, no one is worth that much money for a few months of work. The golden parachute needs to be banned from all big corporations. Ok! I feel much better now. What are your thoughts???
Look what taxpayers' Wall Street rescue helped buy one former honcho!
Peter Kraus -- a former top executive at Merrill Lynch who received a $25-million golden parachute after only three months' work -- has landed himself a $37-million Park Avenue pad.
Kraus, 55, doled out the staggering sum for the five-bedroom co-op at 720 Park Ave. near East 70th Street after taking $25 million from Merrill after the company was sold to Bank of America in September.
Chalk it up to brilliant negotiation skills, and being in the right place at the right time: The Post says that Merrill hired Kraus as an executive vice president in summer, and agreed to a $50-million total pay package for him -- including the customary giant golden parachute.
"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," the Post notes. "The sale automatically triggered the $25 million payout under Kraus' contract. He left Merrill this month."
His parachute is equivalent to 0.1% of the $25 billion cash infusion that Bank of America and Merrill together got under the government’s bailout plan for the financial system