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Big payout for Merrill execs?

September 17, 2008|From Bloomberg News

Merrill Lynch & Co. Chief Executive John Thain and two former Goldman Sachs Group Inc. colleagues he recruited may reap almost $200 million for their year running Merrill if they leave or are given lesser roles after Bank of America Corp. buys the brokerage.

Thain, who got a $15-million bonus when he was hired in December, stands to get an additional $11 million in accelerated stock payouts if he doesn't stay after the deal, compensation consultant Graef Crystal said. Trading chief Thomas Montag may get $76 million including bonus and accelerated awards. Strategy head Peter Kraus was given $95 million, including bonus and stock awards, to replace a Goldman package he had to forfeit, people familiar with the matter said.

Merrill spokesman William Halldin declined to comment.

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