The travails of Stan O'Neal, the chief executive of Wall Street giant Merrill Lynch, hit the headlines today.
Mr O'Neal, the most senior African-American in the US financial services sector, is negotiating a severance package worth as much as $159m (£77m) after the biggest quarterly loss in the firm's 93-year history - a direct result of America's mortgage crisis.
Abigail Hofman, a columnist for Euromoney, thinks it "odious" that Mr O'Neal is being hounded out while other chief
executives hang on.
"To jettison a successful chief executive after one appalling quarter is misguided," she writes.
This is an edited extract from the Wrap, our digest of the daily papers.
