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Top 3 Merrill Lynch officials may get $200m Golden Parachutes

"NEW YORK - Merrill Lynch & Co. chief executive John Thain and two former Goldman Sachs Group Inc. colleagues he recruited may reap almost $200 million for their year running Merrill if they leave or are given lesser roles after Bank of America Corp. buys the brokerage.

Thain, who got a $15 million bonus when hired in December, stands to get an additional $11 million in accelerated stock payouts if he doesn't stay after the deal, compensation consultant Graef Crystal said.
Trading chief Thomas Montag, 51, who joined in August, may get $76 million, including bonus and accelerated awards. Strategy head Peter Kraus, 56, was given $95 million, including bonus and stock awards, to replace a Goldman package he had to forfeit, people familiar with the matter said."

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"With the line of people waiting at the door every Monday morning at the Salvation Army, one would think a big giveaway is happening.

But, it's not cash or even a holiday ham that's bringing crowds to the Farmington Hills facility, it's free bread.
"When we see a need for something as simple as bread - 250 loaves in one day - it's unbelievable," said Capt. Chris DiMaso, of the Salvation Army.
DiMaso said it's a true sign of the tough economic times. He said the demographic of those who need assistance has changed, just in the four years he's been at the Farmington Hills branch of the Salvation Army.
"Things used to be very clear cut - people on one side of town needed help and people on the other side didn't," he said. "Now, we're seeing people from all over, many who don't know how they'll be able to pay their mortgage."