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Merrill Co-Prez To Leave Before He Gets Kicked Out

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Ahmass Fakahany, the Merrill Lynch co-president who, if you want to go there, might not have done the greatest job overseeing risk management at the firm over the last several months, is expected to resign shortly, following the ousting of his main man Stan. He probably won’t be getting a package even close to the one O’Neal’s leaving with, but as a reward for exiting stage left without much of a fight, will be tossed a few extra shares of MER, because, as one member of the board put it, “They’re basically worthless anyway, if you ask me. You want me to be honest? I’d swap all my Merrill stock for a few stacks of unmarked Mozilo Bucks if I had shady enough contacts to find them, and that grin didn’t scare the shit out of me.”
On a related note, Chief Financial Officer Jeffrey Edwards apparently offered to quit at some point last week, but was told "No, no, your punishment for the $8.4 billion is that you have to stay."
Merrill co-president Fakahany seen leaving [Reuters]
Merrill Lynch CFO Edwards offered to quit [Reuters]