BusinessInsider asks: We all know Wall Street pays itself handsomely to come into the office. But what about to leave? Ever wanted to avoid paying hundreds of millions of dollars in capital gains taxes? Turn the collapse of the company you lead into an amazing payday? Screwing something up in such a uniquely terrible way that your company wanted to pay you just to explain how you screwed up? Read on and learn these lessons from these masters.
Tom Montag: If you ever need to negotiate an exit from your current employer and have Tom Montag's number - call him. First he left Goldman Sachs for Merrill Lynch in May 2008. Merrill Lynch bought out his remaining Goldman compensation package for approximately $10 million. Then, when Merrill Lynch was acquired by Bank of America in January 2009, BofA bought out all of Montag's Merrill Lynch options, vested and unvested, for a value of $29.9 million
Peter Kraus: Peter and Tom definitely talked this thing over. Kraus joined Merrill at the same time as Montag, with a similar buyout of his Goldman compensation package. Kraus, however, did not stay on at Bank of America and collected his $25 million severance package. It was rumored that his split from BofA was in part related to his 'flashy' behavior, which included brandishing his bright green blackberry in meetings. He consoled himself by buying at $36.6 million apartment and later becoming CEO of AllianceBernstein.
Joe Cassano: Technically, the guy who lit the fuse at AIG did decline his severance. But only after his CEO begged regulators to allow the failed insurer to retain Cassano as a consultant at $1 million per month and public uproar ensued. The irony of the idea that Cassano was needed for his '20-year knowledge' of credit derivatives after that same knowledge decimated AIG is enough to land him on this list….
Find out about the rest at http://www.businessinsider.com/7-outrageous-severance-packages-2011-12
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