Merrill Lynch the investment bank yesterday boosted their retiring, sorry not fired, Chairman & CEO’s departure package to $160 million.

Wow, one of the biggest losers in the credit crunch Merrill Lynch have paid off their Chairman & CEO. Nice work if you can get it especially after reporting $8bn of losses in the last quarter.

David Wighton and Ben White for the FT commented “The move threatens to re-ignite the controversy over the link between pay packages for executives and their performance”.

I wholeheartedly agree. It appears that at the real top of the tree you win big if you win and you win bigger if you lose - now where’s my job contract…

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