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Merrill Lynch's chief CEO want 10 million dollar bonus!

Posted by satijournal • 12/08/08 • Subscribe to this Discussion [RSS] • Report This Topic
Topics: Economy, politics

(Reuters) – Merrill Lynch & Co Chief Executive John Thain has suggested to directors that he get a 2008 bonus of as much as $10 million, but the battered company's compensation committee is resisting his request, the Wall Street Journal said, citing people familiar with the situation.
news.yahoo.com/s/nm/20081208/bs_nm/us_merrill_bonus

That bailout of the financial institutions was a huge mistake.

User Comments

12/08/08

libertycast1

I agree Sati.

Let them file bankruptcy and try to cushion the effect on the economy but not the cause.

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12/08/08

NewBlogger2008

He ran the company into the ground. Like anyone else who sucks at their job, he should get a pink slip on his desk .

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12/08/08

satijournal

These industries were allowed to grow so large that they can't be allowed to fail. So what are some that got bailout money doing with that money? Buying up other financial institutions. Bank of America bought Merrill Lynch and Countrywide in the past year.

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12/08/08

Anok

I had a whole long reply typed out and lost it

Now I'll have to write a blog post and shamelessly link drop, because my thoughts are racing

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12/09/08

Phoenix1962

Resiting his request? They need to throw him out on his ass!

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1. 12/09/08
  
  satijournal
  
  They ought to tar and feather him!
12/09/08

Worldoftao

Well, he is not getting it....but the economy took such fall for it to become obvious...

What is sad is that just a few months ago no one would have bothered to even ask if he was worth it....he would have gotten it just because he was one of the boys...

It really isn't anything more than cronyism that has destroyed this country

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1. 12/21/08
  
  AlexGreat
  
  Agree. Nothing wrong with him asking, fools are those who give trust and bailout money to people like him. Don't blame him. Would you decline a couple of millions if you can get them easily for Christmas?
2. 12/21/08
  
  Wisco
  
  Yeah, if you screwed up royally, it'd be totally stupid not to demand stupid amounts of money in compensation. Nothing wrong with that. Incompetence deserves compensation.
  
  In fact, the dumber your decisions are, the more you deserve -- because you were rich once, and that proves that you should always, always be rich, rich, rich -- no matter what a boneheaded idiot you actually are. Failure, in the USA at least, is always rewarded.
12/21/08

jan4insight

I always thought the financial bailout was rather like giving an alcoholic a wad of cash, dropping him off at the nearest bar, and telling him to try some controlled drinking.

Except for one thing: the alcoholic would eventually hit bottom. Wall Street, however, apparently has no bottom.

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1. 12/22/08
  
  satijournal
  
  It's more like getting hit by a drunk driver and having to pay for the damage to the drunk driver's car.
12/21/08

Anok

Can just reiterate one point?

Bastards!

There, I said it

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12/22/08

actionneeded

"Except for one thing: the alcoholic would eventually hit bottom. Wall Street, however, apparently has no bottom."

love it!

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12/22/08

clioandme

UBS is doing negative bonuses now. If things turn out badly the following year because of the previous year's performance then executives can expect to lose money.

I also heard that a company (USB too?) is offering in-kind bonuses in the form of their own financial instruments, those junk securities. That sure sounds like an interesting incentive.

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