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Ruffles in the Feathered Nest

Posted by: Lauren Young on November 20, 2007

I have a story in the most recent issue about the generous exit packages for CEOs at the top financial services firms. In no way are we making a judgment call on the next head to roll, but it seemed like a useful exercise given all the attention on Stanley O’Neal’s $161 million package from Merrill Lynch and Chuck Prince’s $12 million walk away bonus from Citigroup. There’s also a slideshow.

Today’s news that Mark Ernst, the chairman and chief executive of H&R Block, is resigning amid the company’s exposure to risky loans does not bode well for other financial execs. Again, no predictions here, but reports today that Freddie Mac posted $2 billion in losses for the third quarter must be making bigwigs in the corner offices around the country nervous.

+One fund manager I spoke to (he can’t talk on the record because he’s a big investor in major financial players) says the subprime dust will not settle for at least two more quarters. To me, two quarters seems like an eternity. But my source—who is an optimist—notes, “We are half way through this.”

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Bloomberg Businessweek’s Ben Steverman focuses on the latest moves in financial markets and emerging trends in stocks, bonds, and funds, always with an eye toward giving readers a better understanding of the sometimes confusing and often chaotic world of money. Standard & Poor’s senior index analyst Howard Silverblatt will also provide his take on companies’ finances and the markets. Voted one of the “Top 100 Finance Blogs” in 2007.

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