I managed the Intranet for the Global IT department and coordinated the managers of Intranets for 30 other divisions. Regarding the timing, it looks like they are both crashing and burning. My response is purely emotional because they have defied the lables people have put on us. Ironically, there is a lot I have read O'Neal, that is disturbing--- also right after 911 they had a massive layoff of 1/3 of the employees - I think something like 33,000 people. Before that time, there were rarely layoffs so most of the people i knew there were long time employees. Everybody did a lot get things back up and running after the 911 and to put things back in place so we could get back in the towers in NY. There were assurances about jobs-- no body believed them. But it seems like as soon as he could he did the lay off so that it would not look like he got rid of them at Christmas. In his defense, any body who took a package made out. Those who tried to take a package later did not do so well.
--- In scifinoir2@yahoogroups.com, [EMAIL PROTECTED] wrote: > > i agree, timing's odd, though other stuff I read bout O'Neal makes me wonder. what did you do when you were there? > > -------------- Original message -------------- > From: "Tracey de Morsella (formerly Tracey L. Minor)" <[EMAIL PROTECTED]> > > > I'm not necessarily an advocate. There could be no other logical move > > then to get rid of him, but it kind of stings a lot that him and Parsons > > are being made to resign at the same time. > > > > I was there in 2000-2001. After years of self-employment, i enjoyed it. > > > > [EMAIL PROTECTED] wrote: > > > > > > not to disagree or criticize, but, though he turned it around then, > > > why the multi-billion dollar loss now? > > > when did you work at Merrill Lynch? > > > > > > -------------- Original message -------------- > > > From: "Tracey de Morsella (formerly Tracey L. Minor)" > > > > > > > > > > > > > I worked there when he became President. With some of the headquarters > > > > in the Towers next to the 911 bombed towers the company was > > > hemorrhaging > > > > money and the man turned it around. Its funny how short their memories > > > > are, but not surprising. > > > > > > > > Tracey > > > > > > > > [EMAIL PROTECTED] wrote: > > > > > > > > > > I'm ashamed to admit I didn't know the Merrill Lynch chief was a > > > > > brother?! I'd been hearing about this all morning, and just now saw > > > > > his picture! And I have to be honest: when I first heard the reports, > > > > > i shook my head, thinking "what else is new?" Another company getting > > > > > caught up in too many years of questionable accounting and over-eager > > > > > business practices. And when I heard this on the radio -- "The > > > Merrill > > > > > spokesman said O'Neal would not receive a severance package, but that > > > > > he would have access to all the stock he received during his > > > tenure at > > > > > the company. Merrill declined to disclose how many shares O'Neal > > > > > accrued. Including salary and annual bonuses, O'Neal took home $46 > > > > > million in compensation in 2006." -- I thought, "a Forty-six mill?! > > > > > Another fat-cat executive making too much damn money, getting a > > > > > platinum parachute even when he's having to leave for poor > > > > > performance". Typical. > > > > > And then I read he's a brother and before I know it I said to myself > > > > > "That's what I'm talking about! You gon' ahead bruh and get your > > > > > money! If THEY can do it why can't we?! Huh, they probably trying to > > > > > make you a scapegoat anyway. You didn't get your forty acres, but you > > > > > got forty million dollars. My man!" > > > > > Sigh... guess I have a ways to go for full enlightenment! > > > > > > > > > > > > > > http://money.cnn.com/2007/10/30/news/companies/merrill_oneal/index.htm?postversi > > > > > > i> > > > > > > > on=2007103012 > > > > > > > > > > ion=2007103012> > > > > > O'Neal out as Merrill Lynch chief > > > > > Stanley O'Neal relinquishes post amid $8 billion subprime losses; > > > > > Alberto Cribiore named as interim non-executive chairman. > > > > > By David Ellis, CNNMoney.com staff writer > > > > > October 30 2007: 12:56 PM EDT > > > > > > > > > > NEW YORK (CNNMoney.com) -- After a 21-year career at Merrill Lynch & > > > > > Co., Stanley O'Neal stepped down Tuesday as chairman and CEO, less > > > > > than one week after the firm stunned Wall Street by revealing an $8 > > > > > billion loss on risky investments in subprime mortgages. > > > > > Merrill (Charts, Fortune 500) shares fell 4 percent in late morning > > > > > trade Tuesday on the New York Stock Exchange. > > > > > > > > > > The nation's largest brokerage said O'Neal, 56, would retire > > > > > immediately and that board member Alberto Cribiore would take over > > > for > > > > > him as interim non-executive chairman. > > > > > Merrill said both O'Neal and the board agreed that a change in > > > > > leadership would help the company move forward as it attempts to > > > > > overcome the $8 billion in losses it suffered last week. > > > > > "We would like to thank Stan for the contribution he has made leading > > > > > a major transformation of Merrill Lynch into a global and diversified > > > > > company with enormous potential ahead of it," Cribiore said in a > > > > > prepared statement. > > > > > Merrill also said that Cribiore, 59, would lead a search committee to > > > > > identify and evaluate chief executive candidates from inside and > > > > > outside the company. > > > > > A Merrill Lynch spokesman gave no indication how long the candidate > > > > > search process would take. > > > > > Shake-ups on the Street > > > > > In the wake of Tuesday's announcement, the board is in a difficult > > > > > position. "You never want to be a ship without a captain - that's > > > > > essentially what they have at the moment," said Eileen Fahey, a > > > > > managing director at Fitch Ratings. > > > > > At the same time, Fahey said, it makes sense for the board to proceed > > > > > with caution. "It's better for the board to find the correct person > > > > > and I believe they are looking for someone to change how Merrill > > > > > operates." > > > > > Among those mentioned as potential candidates are Laurence Fink, > > > > > chairman and CEO of investment firm BlackRock (Charts), in which > > > > > Merrill owns a 45 percent stake; John Thain, CEO of NYSE Euronext > > > > > (Charts); Bob McCann, the head of Merrill's brokerage division; and > > > > > Gregory Fleming, Merrill's co-president and co-chief operating > > > officer. > > > > > In the meantime, Cribiore, who has served on the board since 2003, > > > > > will man the helm at Merrill. Cribiore is a managing partner of the > > > > > private equity firm Brera Capital. Previously he served as a > > > president > > > > > of private equity firm Clayton Dubilier & Rice. > > > > > The company also deflected reports that other top execs such as > > > Ahmass > > > > > Fakahany may follow O'Neal out the door. Merrill said that Fleming > > > and > > > > > Fakahany will remain as co-presidents and chief operating officers. > > > > > O'Neal's woes > > > > > Last week, Merrill stunned investors and analysts when it said it > > > took > > > > > an $8 billion hit in the third quarter from bets on subprime > > > mortgages. > > > > > That announcement came only three weeks after the company had > > > > > estimated that the hit would be about $4.5 billion. The > > > > > larger-than-expected writedown prompted a $2.3 billion loss in the > > > > > quarter and a downgrade of the firm's credit rating. > > > > > O'Neal reportedly had also been in trouble with his board for > > > > > approaching the CEO of Wachovia (Charts, Fortune 500), the nation's > > > > > No. 4 bank, about a possible merger of the two financial services > > > > > giants without getting the approval of Merrill's board, according > > > to a > > > > > report last week in the New York Times. > > > > > Will Merrill remain independent? > > > > > Those talks raised questions on Wall Street about whether Merrill > > > will > > > > > be able to remain independent. > > > > > O'Neal was widely expected to announce his resignation as early as > > > > > Monday, although Merrill remained silent about his status within the > > > > > firm. Some experts believed that Merrill's attempt to locate a > > > > > successor for O'Neal or work out his severance package delayed the > > > > > announcement of his resignation. > > > > > The Merrill spokesman said O'Neal would not receive a severance > > > > > package, but that he would have access to all the stock he received > > > > > during his tenure at the company. Merrill declined to disclose how > > > > > many shares O'Neal accrued. > > > > > Including salary and annual bonuses, O'Neal took home $46 million in > > > > > compensation in 2006. > > > > > In the firm's announcement Tuesday, O'Neal thanked his colleagues for > > > > > improving the company's competitiveness and expanding its global > > > reach. > > > > > "The company has provided me with opportunities that I never could > > > > > have imagined growing up, culminating with my leadership of the > > > > > company over the past five years," O'Neal said. > > > > > According to a profile from Harvard Business School, where he got his > > > > > MBA in 1978, O'Neal was born into poverty in Wedowee, Ala. He worked > > > > > as a young boy picking cotton on a family farm, while his mother > > > > > worked as a cleaning lady. > > > > > When O'Neal was 12, his family moved to Atlanta and his father > > > went to > > > > > work at a General Motors (Charts, Fortune 500) plant. O'Neal also > > > > > worked at the plant as a teenager, and GM tapped him to attend > > > General > > > > > Motors Institute and paid for him to get his MBA. He worked for eight > > > > > years in the automaker's New York finance office and in Madrid before > > > > > moving to Merrill in 1986. > > > > > He rose through the ranks at Merrill, becoming president and chief > > > > > operating officer in July 2001; he was tapped as CEO in December 2002 > > > > > and added the title of chairman in April 2003. The posts made him one > > > > > of the most powerful African-American executives on Wall Street, > > > along > > > > > with Kenneth Chenault, who holds those two titles at American Express > > > > > (Charts, Fortune 500). > > > > > After taking over as chief executive, O'Neal quickly earned a > > > > > reputation as an aggressive cost cutter. By slashing jobs and > > > shutting > > > > > down operations around the globe, he helped revive Merrill's stock, > > > > > which reached an all-time high in January. Merrill shares have > > > lost 33 > > > > > percent of their value since this summer's market meltdown. > > > > > > > > > > [Non-text portions of this message have been removed] > > > > > > > > > > > > > > > > > > > > > > > > > > Yahoo! Groups Links > > > > > > > > > > > > > > > > > > [Non-text portions of this message have been removed] > > > > > > > > > > > > > > Yahoo! Groups Links > > > > > > > > [Non-text portions of this message have been removed] >
