NEWS, POLITICS

Chairman of Merrill Lynch Int’l: Golden parachutes are ‘morally reprehensible,’ ‘abhorrent’

January 7, 2014

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Winthrop “Win” Smith Jr., Chairman of Merrill Lynch International, has a new book out, hoping to remind the world of the good Merrill Lynch formerly did in the financial industry.

In an interview with Ari Rabin-Havt on The Agenda on SiriusXM Progress, Smith waxed nostalgic for the days when Merrill Lynch connected Wall Street to Main Street, but also lamented the company’s recent actions.

Smith chastised Stanley O’Neal, one of TIME Magazine’s 25 People to Blame for the Financial Crisis, for his handsome severance package despite his failure of leadership that contributed to the infamous financial collapse in 2007-08.

“The board allowed him to leave with $161 million… EVERYBODY finds that abhorrent,” Smith said.

The Agenda with Ari Rabin-Havt airs live Monday through Friday, 6-9 AM ET on SiriusXM Progress, Ch. 127. For the entire interview, and the heated discussion with listeners that followed, go to www.siriusxm.com/ondemand. For a free 30-day trial, click here http://bit.ly/1hLC8LU.

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