Wall Street’s wave of carnage means that some traders are, sadly, getting canned. It doesn’t help any that a growing reliance on electronic trading systems and technology also has reduced the need for the ever-underappreciated human touch. And yet...and yet...some folks are still getting the gravy. Like this guy, offered take-home of up to $90 million – and not even from a monster hedge fund.

We all know that times are tough for investment banks right now, but that hasn't stopped Merrill Lynch shelling out an estimated $90m to entice Thomas Montag to join up as its global head of sales and trading.

Montag, 51, stepped down as Goldman's head of trading in the Americas last year. He is due to join Merrill in August, and, according to a US Securities and Exchange Commission filing, will receive a $600,000 salary together with a $39.4m bonus for 2008, paid in cash and shares. On top of all that, Merrill will buy out Montag's Goldman equity grants, thought to be worth around $50m. The Wall Street Journal has published a copy of Montag's offer letter, which we reproduce below...

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