Free Republic

<p>A former top executive at Merrill Lynch who received a $25 million golden parachute after just three months of work has purchased a $37 million Park Avenue palace.</p> <p>Peter Kraus, 55, paid the staggering sum for a five-bedroom co-op on New York's posh Park Avenue after getting a $25 million buyout from Merrill Lynch when the company was sold to Bank of America in September, the New York Post reported.</p>

Where is the government's bank-bailout money going? In part to pay for Wall Street banker Peter Kraus's $37 million Park Avenue spread. Kraus had excellent timing. He signed on as a top executive at Merrill Lynch in May, negotiating a $50 million pay package, with much of that guaranteed if the company was sold. He didn't officially start until September. A couple of days later, Merrill CEO John Thain sold the company to Bank of America for $50 billion, triggering a $25 million payout under Kraus's contract. Bank of America got a $25 billion capital injection from the government. Kraus...

Look what taxpayers' Wall Street rescue helped buy one former honcho! Peter Kraus - a former top executive at Merrill Lynch who received a $25 million golden parachute after only three months' work - has landed himself a $37 million Park Avenue pad.