Why the Merrill board is angry with O'Neal

We've all been speculating about how long Stanley O'Neal will last as CEO of Merrill Lynch. I've suggested that his track record ought to give him some time. Turns out the board may boot him for reasons beyond the 3Q earnings bomb: He reportedly made a merger overture to Wachovia's CEO G. Kennedy Thompson, without board approval. This was a major breach of protocol that prompted the fuming board to discuss CEO alternatives, notably Laurence Fink and John Thain. The fact that the board is making all this known to the media indicates a desire to severely punish O'Neal. So the odds of him resigning soon have gone way up.    

For more:
- here's the New York Times article

Related article:
- O'Neal takes the blame