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Failure is an in-the-money option

30 October 2007 By Antony Currie

The former Merrill Lynch boss leaves with a $160m compensation package. That equates to almost 20 cents a share. Put another way, he s keeping a 2% fee for overseeing $8.4bn in writedowns. Lucky him. Merrill shareholders, though, would have been better off buying the S&P 500.

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