“Peter Kraus, worked for Merrill Lynch for a few weeks (joined in Sept 2008, left in December 2008), but he walked away after the firm collapsed and was bought by Bank of America a few weeks later with $25+ million….?” CNBC

For three months worth of screw-ups. Kraus had moved to Merrill from Goldman Sachs: that $25 million means about $333,333 a day. It also equals about $37,000 per hour, based on a 10-hour workday. Even if he worked 24hours a day, it would add up to $13,900 per hour. That would still be okay if he had performed: he did not.

Still, it beats flipping burgers, which at worst is a harmless job. It even beats what a UAW worker gets, which has caused all the fuss in about 40% of the Senate. Interesting, n’es-ce pas. (CNBC seems less-enamored, less star-struck, and less awe-struck by the CEOs these days: that is, over the past three weeks. But it will all change once public funds salvage the corporations that the hotshots plundered).

If you did not see Jon Stewart’s Daily Report last night about CNBC reporting, especially his damning flashbacks on the likes of Jim Cramer, Larry Kudlow and other “experts”, look it up on YouTube: it is worth the time. It should be an exhibit on House and Senate hearing, minus the bleepings, of course- or maybe not.

Speaking of that: Larry Kudlow was on his perch at CNBC this AM, watching Obama speak, opining that the Dow was declining as a reaction to the speech. He thought it was a vote of no-confidence. The Dow did not like Kudlow putting a political spin on its performance: it closed the day higher.

Good news for tomorrow: the market will not decline tomorrow.

As for Monday Monday, nobody knows how it will turn out:

“Oh Monday Mornin', monday mornin' couldn't guarntee
That Monday evenin' you would still be here with me
Monday Monday can't trust that day
Monday Monday, sometimes it just turns out that way
Oh Monday Mornin' you gave me no warnin' of what was to be...”   Mamas and the Papas

”Today's Wall Street Journal article on the $209 million given to Merrill Lynch's top ten earners in 2008 takes the cake. The revelation is causing more problems for the company. The Wall Street Journal is reporting that Bank of America is expected to file a motion on Wednesday in New York State Supreme Court to keep the compensation data from becoming public. Next week, Mr. Cuomo (NY's Attorney General) intends to make his case that the data shouldn't be kept confidential. A judge is expected to rule on March 13." Huffington Post, March 5, 2009

”Merrill Lynch's $10 Million Men: Subscriber Content Read Previewas Merrill Lynch staggered last year, 11 top executives were paid more than $10 million each in cash and stock, and 149 more received $3 million or more.

As bad as 2008 was for Merrill Lynch & Co., it was very good for Andrea Orcel, the firm's top investment banker. Although Merrill's net loss ballooned to $27.6 billion last year, Mr. Orcel, 45 years old, was paid $33.8 million in cash and stock, just shy of his pay in 2007.

While Merrill staggered, 11 top executives were paid more than $10 million in cash and stock last year, say people familiar with the situation. An additional 149 received $3 million or more. The stock awards, which accounted for much of the compensation, have fallen sharply in value since ...” Wall Street Journal, March 5, 2009.

“The two most deadly Mexican drug cartels have more than 100,000 foot soldiers. That is only two cartels: what about the rest? Elements of the cartels have infiltrated the Mexican government at different levels…..” MSNBC

Mexico is fast becoming the Afghanistan/Pakistan of North America. But don’t worry: the cartels will not take over the country, but do they own the ruling Creole oligarchy?

Cheers

mhg

m.h.ghuloum@gmail.com