Head of Merrill Lynch Resigns

The excerpts below from a fairly long article in the WSJ, speaks for itself. However, I am very curious as to what we are not seeing. Text in bold is my emphasis.

Chief Executive Stan O'Neal has decided to leave the firm, according to a person familiar with the matter. . . . .

. . . . Directors have grown increasingly frustrated since Merrill announced $5 billion in write-downs three weeks ago. In the past week, the size of the hit grew by more than $3 billion, and Merrill reported a $2.24 billion net loss for the third quarter. Analysts say several billion dollars in additional write-downs may be in store. . . . .

. . . . The latest board meeting came after news that Mr. O'Neal had approached Wachovia Chief Executive G. Kennedy Thompson in the past week about whether the Charlotte, N.C., bank would be interested in a combination with Merrill. Mr. O'Neal didn't consult with the board before making the phone call. Mr. Thompson, who has said he is focused on integrating two recent acquisitions, said the timing wasn't right for a deal, people familiar with the matter said.