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After Merrill Lynch & Co. ousted Stan O'Neal as chairman and CEO last year, the firm hired Alberto Cribiore as interim nonexecutive chairman. He led a search committee to replace O'Neal and found NYSE Euronext Group CEO John Thain. After what he sees as "positive strides in the past nine months" by Thain, Cribiore resigned as a member of the board and lead director of Merrill. On Sept. 8, he'll join Citigroup Inc.'s institutional clients group as a vice chairman, reporting to CEO of the group, John Havens. Cribiore (pictured) will also work closely with investment banking co-heads Raymond McGuire and Alberto Verme.
Cribiore was also managing partner of Brera Capital Partners, a private
equity firm founded in 1997. He will act as Brera's nonexecutive
chairman as it continues its liquidation. The Deal's David Carey wrote Cribiore's glory years in LBOs may have passed.
From 1985 to 1997 Cribiore was a top partner at Clayton, Dubilier &
Rice Inc., a New York buyout firm. Brera, the New York buyout boutique
he founded with Jun Tsusaka, hadn't raised an investment fund since
1998, Carey noted, or done an acquisition since it bought 2-10 Home
Buyers Warranty in 2002 -- most of its original cast of principals,
including Tsusaka, had departed.
In July, as Dow Jones notes, Michael Klein, who was chairman of the institutional clients business and regarded as Citi's top relationship banker, left the firm to pursue opportunities in private equity. That makes Cribiore's role even more important as his task will be to use his extensive connections to maintain and build Citigroup's clientele, post-subprime debacle. - Baz Hiralal See press release: Citigroup hires Alberto Cribiore See the story from Dow Jones Read past story from TheDeal.com For more Movers & shakers see The Deal newsweekly's dealmaker section CategoriesComments![]()
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In the wake of sudden expenses, some people are lucky enough not to have to look into options like payday loans. It is a fact of life that some are far better off than the majority, but there is a more disturbing fact that is becoming more and more evident every day. It seems the super wealthy seem to think that the rules don't apply to them, and some of them seem to think that they should be allowed to get away with it. Recently, the investment giant Merrill Lynch had to be sold to Bank of America to avoid bankruptcy in the wake of the subprime mortgage collapse. An article in the Wall Street Journal reports that Merrill Lynch CEO, John Thain, has asked for a $10 million dollar bonus for the year, after he had to sell the company to Bank of America to avoid bankrupting it. His rationale is that his actions led to the company not going bankrupt, and therefore he deserves a bonus. The Attorney General of New York State, Andrew Cuomo, termed his request as "nothing less than shocking," as it seems callous to even ask for a bonus of that size when his company is barely able to stay afloat. Now here is the funny thing – any other ordinary company employee, if they failed to make money for the company they worked for, or failed to complete the tasks set them, they get reprimanded or fired. Perhaps those at the top of the ladder don't think that the same rules apply that apply at the bottom, and perhaps they should. However, the rest of us don't have to sell ourselves to Bank of America if we have a financial crisis suddenly – we have options, such as payday loans. Click to read more on Payday Loans.