Stan O'Neal

When a big Wall Street firm loses a huge pile of money, it's often hard to figure out exactly what happened.

But as losses at Merrill Lynch mounted, its former Chief Executive Officer Stan O'Neal has given us a pretty good idea where he was and what he was doing.

He was golfing.

O'Neal's golf scores, available on the U.S. Golf Association's Web site, www.ghin.com/lookups/index.html, were first brought to public attention by the Bespoke Investment Group's Web site.

In the six weeks between Aug. 12 and Sept. 30, as Stan O'Neal's firm was losing money at a rate of more than $100 million a day, the CEO managed to play 20 rounds of golf on four different courses — dropping his handicap from 10.2 to 9.1.