A reader points out that Steve Sakwa received the perp walk treatment from Merrill on his way out to ISI, after he had attempted to depart with his entire REIT team in tow. Curiously, the team allegedly stayed only after it had received much sweetened counteroffers from mother Merrill (and father Taxpayer). Sakwa, it turns out had turned in his notice some time ago, but he was allowed to depart only after his notice period expired.
As Bank Of America, despite all capital raises to the contrary, has still not repaid TARP, maybe it would be prudent for it to disclose just what were the terms of retention of all other current REIT team members, and also just why was there discord within the REIT ranks during the most profitable period for ML's REIT team. As in these post-Blodget days, analyst and banker bonus pools are totally independent, and determined strictly by objective criteria (curious what these are nowadays), it would be very useful for the general taxpaying public to know just how its TARP money is allocated.
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