Alcoa Names Former Merrill Chief Stan O'Neal to Board - Nice Little Club The Big Boys Have

[EV_Ares]

isn't it. This guy has caused Merrill to lose billions in the sub-prime market and is fired then rewarded a spot on Alcoa's Board. Guess they liked his decision making. Also understand the CEO of CountryWide when he leaves will leave with milliions as his company has lost billions and is basically bankrupt with Bank of America buying it out. Does anyone wonder why our economy is in the tank with these type of people at the top of our corporations.
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by Dale Crofts

Jan. 18 (Bloomberg) -- Alcoa Inc., the world's third-largest aluminum company, appointed former Merrill Lynch & Co. Chief Executive Officer Stan O'Neal to its board, about three months after his ouster from the largest U.S. brokerage firm.

Michael G. Morris, former chairman and chief executive officer of American Electric Power Co., also will join the board, New York-based Alcoa said today in a statement. The appointments take effect immediately, the company said.

O'Neal, 56, was forced to resign Oct. 30 after Merrill disclosed $8.4 billion of writedowns on mortgage-related investments and bad loans. The company, under new Chief Executive Officer John Thain said yesterday that it had $16.7 billion of writedowns, causing a fourth-quarter loss of $9.83 billion. O'Neal was at Merrill Lynch for 21 years and was CEO for five.

``Stan is a straightforward leader who focused on improving the operations of the business during his tenure at Merrill as part of his broader strategic vision for the firm,'' Alcoa Chief Executive Officer Alain Belda said in the statement.

O'Neal and Morris join executives including Tata Sons Ltd. Chairman Ratan N. Tata, Renault SA Chief Executive Officer Carlos Ghosn and former Mexican president Ernesto Zedillo on Alcoa's 13- member board.

Alcoa spokesman Kevin Lowery couldn't immediately comment on O'Neal's appointment.

O'Neal was the first Wall Street chief executive to step down because of losses on securities linked to so-called subprime mortgages as U.S. homeowner defaults surged to a 20-year high.

Charles Prince, former chief executive of Citigroup Inc., stepped down in November as the company prepared to announce the biggest loss in its 196-year history. James Cayne handed over the chief executive role to successor Alan Schwartz at Bear Stearns Cos. on Jan. 8 after a $854 million fourth-quarter loss.

Alcoa rose 31 cents, or 1.1 percent, to $29.10 as of 4:15 p.m. in New York Stock Exchange composite trading. The shares have fallen 3.9 percent in the past year.

Link: http://www.bloomberg.com/apps/news?pid=20601087&sid=aoTOISycUzi4&refer=home

[Bobbieo]

1. Ah yes - Aluminum Company Of America - I was a metal lathe operator

for them during WW2

[EV_Ares]

2. They were a great company back then weren't they and maybe they still are. I

know they were one of the largest in the world. They sure know how to pick them for their board now don't they.