Stanley O'Neal made history when he became Chief Executive Officer (CEO) or "godfather" of the Merrill Lynch investment family on December 2, 2002. He was the first Black American to head a major Wall Street brokerage family. Merrill Lynch is the second largest Wall Street investment bank, which generated $70 billion in 2006 and is one of the most influential financial advisory companies in the world.O'Neal was one of the highest paid Black Americans on Wall Street, having stacked $48 million in 2006.

After becoming CEO of Merrill, he was named the most powerful Black American Executive by Fortune magazine. However, on October 30, 2007,  O'Neal got caught in a financial "drive-by" on Wall Street. The gun was a $2.2 billion loss to the Merrill Lynch family - the worst in it's 93 year history. The caliber of the bullet was a $8.4 billion devaluation of their mortgage and debt related assets. The shooter is currently one of the most feared financial assassins on Wall Street: "Mr. Sub-Prime Mortgage."   

The Early Years:
The grandson of a former slave, Earnest Stanley O'Neal, was born in 1951 in Roanoke, Alabama. He grew up in a town of about 1,000 people. O'Neal's father was a farmer and his mother a maid. Together his family worked the corn and cotton fields of his grandfather's farm. A young hustler, Stanley also sold newspapers.

In 1963 when O'Neal was 12 years old, his father left the family farm to work in a General Motors (GM) assembly plant in Doraville, Georgia. O'Neal and his family moved into a federal housing project in Atlanta and he became one of the first Black American students to be integrated into West Fulton High School. "My father told me I wasn't cut out for farm work. I really didn't have an understanding of the world or any role models, but I had a strong desire to learn," O'Neal revealed to the Harvard Business School Bulletin. He stuck with his father's advice and decided to pursue academic success.

Getting the Education:
O'Neal attended the General Motors Institute (now Kettering University) in 1969 and studied Engineering and Industrial Administration. Four years later, he graduated in the top 20% of his class with a B.S. in Industrial Administration and became the first in his family to finish college. Over the next two years, O'Neal developed into a talented supervisor for the GM plant and received a merit scholarship that enabled him to attend Harvard Business School. 

At Harvard, O'Neal continued his academic success and graduated with honors with an M.B.A. in Finance in 1978. After graduation, O'Neal started his career as an analyst in the GM treasurer's office in New York City where he met his future wife, economist Nancy Garvey. They eventually had twins, a son and a daughter. 

After two years, O'Neal became a director of GM's Treasure's Office overseeing profit analysis, budgeting, and international funding. As he continued to excel in the corporate world, he left America and became Treasurer of GM's Spanish subsidiary in Spain. After returning to the U.S. in 1984, he was appointed as General Assistant Treasurer, the second highest financial position in GM's New York office, where he oversaw mergers and acquisitions.

Crew Leader & Getting Respect of the Bosses:
After working eight years for GM, O'Neal made a huge salary and career move to Merrill Lynch's finance group. The objective of the group is to underwrite debt and equity securities, as well as provide strategic financial advice to corporations, governments, institutions, and investors across the world.

Over the next few years, O'Neal worked in practically every division of Merrill Lynch and rose through the ranks to eventually become executive vice president of the global markets and investment banking group in 1997.

One year later, he shocked Wall Street after being named Chief Financial Officer (CFO) of Merrill Lynch. His duties were to oversee the company's operations, finance, accounting, budgeting, credit, taxes, real estate, purchasing, risk management, corporate services and reporting, and investor relations.

Unlike other financial workers on Wall Street, O'Neal had never worked as a stockbroker. However, in the fall of 2000 he stepped into the presidency of Merrill Lynch's most prized business division - the retail brokerage unit called U.S. private client group. He was the first non-stockbroker to obtain this position. His responsibility included managing 16,000 financial advisors or brokers working out of 800 branch offices, $1.3 trillion in client assets, and financial advisory services for almost six million corporate benefit plans. 

"Whacking" the Crews:
After becoming President, Oneal fired 2,000 U.S. brokers and support staff and decided to close over 160 of Merrill's field offices. He also replaced competing brokers with teams of his "handpicked" financial advisors. David Rynecki of Fortune magazine wrote the following of O'Neal: "He's ripping apart the securities firm, piece by piece. He's making enemies. He's not apologizing. It might just work." The method to his madness paid off, as Merrill's profits increased by 2% on billions in revenue. During his tenure, O'Neal fired and/or replaced more than 12,000 Merrill employees.  

Rise of the Boss:
On December 2, 2002, Stan O'Neal became CEO of Merrill Lynch, and is only the third Black American to oversee a major U.S. Wall Street family. The two bosses before him were Franklin Raines, CEO of Fannie Mae, a mortgage financing company, and Kenneth Chenault, currently chairman and CEO of American Express. As CEO, "Godfather" O'Neal helped Merrill Lynch earn a record net income four years in a row from 2003-2006.

However, it was the risky bets "Godfather" O'Neal made when he let sub-prime mortgages and other risky loans into the investment family. Not to mention, the talks of merging with another family without the blessings of the under-bosses, or board of directors. The losses amounted to $2.2 billion, a record for Merrill, due to an $8.4 billion devaluation of sub-prime mortgage and debt related assets.

"Mr. Sub-Prime & The Sudden Fall:
On October 30, 2007, a wounded O'Neal was forced by the the Merrill Lynch family to retire. However, he walks away with the fifth largest exit-pay package for a U.S. executive. The package totaling $160 million, consists of $90 million in stock, $40 million in options and another $30 million in pension and other benefits. The Merrill Lynch family also agreed to provide him with an office and an executive assistant for up to three years.

Although his reign as "Godfather" only lasted five years, he leaves behind a legacy on Wall Street.  And despite his financial fall to "Mr. Sub-Prime Mortgage," as many other Wall Street families were victims, he is an inspiration for Black Americans who wish to become Corporate American giants.     

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