The thing about being part of an elite group of fuck-up bank CEO's who got fired before the shit really got bad is that it used to mean something. First, that even though you got canned, you still walked away with enough coin* that you'd never have to worry about money, and, more to the point, about being reduced to rubbing shoulders with peasants. Second, that you didn't have anyone to answer to! Whereas as a certain Cherubic-looking Jew has to make sure he's not upsetting anyone by flying private, and even guys like Dick Fuld still have to sort of walk on egg-shells, you who got axed eons ago should be able to do what you want, when you want. No apologies. So this is disturbing, to say the least:
It's been a steep drop for former Merrill Lynch chairman and CEO Stanley O'Neal, who was ousted in 2007 after his company had amassed a big portfolio of troubled mortgages. O'Neal, who used to fly in corporate jets or in first class, was spotted Wednesday sitting with the budget travelers in coach on a Northwest Airlines flight from West Palm Beach to LaGuardia.
Earlier: Nice Little Sunday For Stan O'Neal
*Sorry, Ken Lewis.