Good day, Bad day
Good timing, Washington Mutual
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)
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
-
'Make legal immigration a more plausible option'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
LA-to-Las Vegas high-speed rail line breaks ground
Speed Read The railway will be ready as soon as 2028
By Peter Weber, The Week US Published
-
Israel's military intelligence chief resigns
Speed Read Maj. Gen. Aharon Haliva is the first leader to quit for failing to prevent the Hamas attack in October
By Justin Klawans, The Week US Published