Heads to to roll, Merrill get lynched by Credit Crunch?

[Apollo]

Merrill: Where Was The Board?

Liz Moyer, 10.28.07, 10:15 PM ET

 

The credit crisis may have finally claimed the chief executive of a major financial firm.

 

Stanley O'Neal, chief executive of Merrill Lynch (nyse: MER - news - people ), was reportedly close to resigning Sunday after shockingly bad third-quarter results, an admission that risk management had broken down at the firm and speculation he floated a last-ditch merger idea with Wachovia (nyse: WB - news - people ) days before reporting the $2.2 billion loss.

 

The Wall Street Journal said that O'Neal was negotiating the terms of his departure Sunday after Merrill's board of directors decided Friday to seek his scalp over the poor results. A Merrill spokesperson declined to comment.

 

Although O

[Tohdj]

wow....they lost more money than aunty!!!

 

this article shows that the CEO of ML is not powerful enough....cos aunty can lose a lot of money, but still gets to keep her job!!! I'm really convinced that she's one of the most powerful woman in the world!!!