Look what taxpayers' Wall Street rescue helped buy one former honcho!
Peter Kraus - a former top executive at Merrill Lynch who received a $25 million golden parachute after only three months' work - has landed himself a $37 million Park Avenue pad.
Kraus, 55, doled out the staggering sum for the five-bedroom co-op at 720 Park Ave. near East 70th Street after taking $25 million from Merrill after the company was sold to Bank of America ...
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Informative but short article, which exposes a former Merrill Lynch executive's recent purchase of a $37 million apartment in New York City. The authors get high marks for enterprise, as they are one of the few journalists to cover this underreported story. But sourcing and context are a bit weak, and could benefit from a more in-depth report.
A short article about yet another outrage—albeit a small one--to fall out of the banking-credit scandal. What is really needed is an in-depth series of exposé coverage of the entire credit mess by a team of investigative reporters.
As each outrageous act of the Bush administration unfolded (the Iraq war, the Medicare drug giveaway, torture, New Orleans, the Bushie-caused depression, etc.,) I looked for indignation from the American people. But nothing Bushies did—no matter how anti-American; no matter how illegal; no matter how unconstitutional; no matter what happened to Americans, there was no outrage; there was nothing. Do we deserve what we have wrought?
No wonder that banks have so deep problem, if they give away so much money to executives. When will they learn?
I did a News Hunt for information about this chapter from the "Traitorous American Robbery Program" (aka "Troubled Assets Relief Program"); but only the tabloid New York Post and a few blogs have reported how Wall Street VIP Peter Kraus spent his $25 million golden parachute after only three months' "work" at Merrill Lynch: he purchased a $37 million Park Avenue pad. Nice subprime housing, don't you think?
I'm going to keep submitting these hard to find and oft overlooked TARP stories to NewsTrust.net until the entire working media start looking into a story on par with Watergate. The difference between then and now is the number of investigative reporters on the beat. Otherwise, TARP would have been exposed already.
Before Merrill hired Kraus as an executive vice president, he negotiated a $50 million pay package for himself – with the bulk of that guaranteed to him if the ... More »
This has more value as a can you believe it article, to incite people to demand change than its value as a sigle news story.
This article is so great it should win a Pulitzer. Where else would us smucks learn about how stupid we are. I also think Mr Kraus should get another 25 million, after all he made all this money not doing a damn thing. Now that's what I call capitalism. Only in America!!
While sitting here thinking about ways to barbecue Wall street executives, I started thinking, Did they really do anything wrong?They played the game, mostly by the rules ( I don't see too many going to jail) and won. If the weasels in Congress writes the rules, why can't we play by them.Me, I'm too dumb, so I'm heading to Vegas. You lose all your money, but the damn games fair.
It seems like all the details are fairly well covered. Kraus got hired and through no fault of his own got fired. That is well explained.
I have to applaud Kraus for doing his bit to keep real estate values from tanking. However, judging by the other comments people have the wrong attitude. Too much politics of envy. We need more rich people in America. Those are the people with money to invest. Without investment there are fewer jobs. We should be lowering taxes on the rich so more of them come to America. We are going to need their money.
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