Thursday, January 31, 2008

What's a $34 billion loss on Wall Street? For some, a ticket to a new job

Under the stewardship of Dow Kim and Thomas Maheras, Merrill Lynch and Citigroup built positions in subprime-related securities that led to $34 billion in write-downs last year. The debacle cost chief executives their jobs and brought two of the world's premier financial institutions to their knees.

In any other industry, Kim and Maheras would be pariahs. But in the looking-glass world of Wall Street, they — and others like them — are hot properties. The two executives are well on their way to reviving their careers.




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