We should find out the size of Thain's severance sometime today or in the next few days, I suspect:
'I'm not sure that McCann and Fleming left just because they may have fallen out with John Thain. The reality is that both these executives would have bagged huge severance packages (triggered by change-of-ownership clauses in their contracts). If they stayed, all they would have had to look forward to compensation-wise was US government restrictions, which would have resulted in $400,000 base salaries and no bonuses for the foreseeable future.
my uneducated, basic view, shared:
I have worked for Citi for 35 years now, joining when it was still called First National City Bank of New York. The rot, in my view, set in after the Travellers deal. We all thought that we'd end up going to Hell in a handcart, and it's now coming to pass.
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