This is one of the big problems in corporate America. Anyone else outraged?
Bloomberg-Sept. 16 (Bloomberg) -- Merrill Lynch & Co. Chief Executive Officer John Thain and trading-division head Thomas Montag may reap payouts totaling more than $47 million if they leave or are given lesser roles after Bank of America Corp. buys the firm.
Thain, hired last December following the ouster of Stan O'Neal, stands to collect about $11 million on the vesting of free shares if he doesn't stay after the sale, said Graef Crystal, a Santa Rosa, California-based compensation consultant. Montag, who joined in August and is a former colleague of Thain's from Goldman Sachs Group Inc., would get $30 million in accelerated stock awards and at least $6.4 million in options if he's dismissed or his duties are diminished after a change of control, Crystal said.
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