The New York Times is reporting that Merrill Lynch (MER) CEO Stan O’Neal is out after the firm reported huge write-downs in the last quarter. It is not clear who will replace them.
Unfortunately, no board members offered to resign. Certainly, the members of the Finance Committee, which has responsibilty for credit and market risk management at the board level, should leave with O’Neal. that would include Alberto Cribiore, John Finnegan, Ann Reese, and Charles Rossotti.
Of course, none of them will admit to any blame.
Douglas A. McIntyre