GOOD DAY FOR: Good timing, as Merrill Lynch CEO John Thain and trading division chief Thomas Montag are eligible for more than $47 million in combined payouts if they leave or are given lesser positions after Bank of America completes its buyout of Merrill. Thain joined Merrill last December, and could get vested shares worth $11 million; Montag, hired last month, would get $36 million in stock and stock options. (Bloomberg)
BAD DAY FOR: Washington Mutual, after Standard & Poors cut its credit rating to junk, following the lead of the other two major rating agencies. Washington Mutual dropped almost 27 percent, closing at $2 a share yesterday, before S&P issued its downgrade. This will make it harder for WaMu to raise capital, if needed; S&P said the thrift has enough capital and liquidity to survive for a while. (CNNMoney.com)
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- 43 TV shows to watch in 2014
- The science of sex: 4 harsh truths about dating and mating
- How our botched understanding of 'science' ruins everything
- 13 Urban Outfitters controversies
- What would a U.S.-Russia war look like?
- 6 things the happiest families all have in common
- Russia is stealthily threatening America with nuclear war
- How to be the star of a cocktail party where you don't know anyone
- Why so many Christians won't back down on gay marriage
Subscribe to the Week