Word is that Herb Allison, a longtime Wall Street executive with ties to Treasury Secretary Timothy Geithner, will be tapped to head the government’s $700-billion financial rescue program.

The cushioned exit of Stan O’Neal as CEO of Merrill Lynch & Co. this week was proof again that nothing succeeds at the top levels of business like not succeeding.

O’Neal is to receive a reported $161.5 million in stock options and retirement benefits. He was ushered out because he had lost favor with his board after announcing that the company had a $2.24 billion quarterly loss.

While $161.5 million seems like enough to get by on, it doesn’t equal amounts received by other dismissed executives.