Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Merrill's CEO Thain Wants $10 Million Bonus

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Latest Breaking News Donate to DU
 
Robbien Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 11:35 AM
Original message
Merrill's CEO Thain Wants $10 Million Bonus
Source: CNBC

Merrill Lynch 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 . . .

Shareholders on Friday approved Bank of America's takeover of Merrill . . .Merrill was arguably saved from extinction when it agreed to merge on Sept. 15, an hour before Lehman Brothers
filed for bankruptcy. The fear was that Merrill could be next if shareholders and trading partners fled, as many did at Lehman and the former Bear Stearns.

Thain has said he deserves a bonus because he helped avert what could have been a much larger crisis at the firm, people familiar with his thinking told the WSJ.



Read more: http://www.cnbc.com/id/28107594




He should get a bonus because he averted a disaster by selling the badly run company he was in charge of running. Now what's wrong with that thinking.
Printer Friendly | Permalink |  | Top
closeupready Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 11:38 AM
Response to Original message
1. I'd say no deal, and let him go find another investment bank to run.
Oh, wait...
Printer Friendly | Permalink |  | Top
 
AndyA Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 11:38 AM
Response to Original message
2. Bullshit. He ran the company into the ground. He deserves NOTHING.
In fact, he should be terminated for poor performance.

BULLSHIT. No money for this flake. Send him packing!
Printer Friendly | Permalink |  | Top
 
meegbear Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 11:39 AM
Response to Original message
3. I helped avert the US economy from collapsing by buying Christmas gifts ...
where's my bonus?
Printer Friendly | Permalink |  | Top
 
Andy823 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 11:39 AM
Response to Original message
4. Send him down the road!
This is what really ticks me off about the financial bailouts. Congress is "demanding" all kinds of things from he automakers, and I have no problem with that, but the financial corporations that got billions in bailouts, had no strings attached at all! Not one single company that received bailouts should be paying their CEO's "ANY" bonus, period!

Congress has not done their job when it comes to demanding things from those who are getting taxpayer dollars, and this needs to be corrected.
Printer Friendly | Permalink |  | Top
 
mbperrin Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 11:58 AM
Response to Reply #4
8. Thank you!
The automakers are literally asking for pennies in loans while these jokers have gotten $4.6 Trillion in cash, guarantees, and backing so far, without answering one question or giving up one bonus, vacation, spa retreat or bloated salary.

Guess those who actually make stuff are not as important as the hucksters....
Printer Friendly | Permalink |  | Top
 
robinlynne Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-08 12:51 AM
Response to Reply #4
32. Congress has demanded NOTHING> to start with, not one penny should leave the country.
Ins econd palce how about the big three STOP THEIR LAWSUITS AGAINST we the people to end emission regulation!!!!!!!!!!!!!!!!!
And let's see, how about putting in writing that he money the banks get can ONLY be used for lines of credit for small businesses, and that the big 3 get can ONLY be used for workers retirement and health plans, that they soooooo bitch about paying after people work for them for 35 years.
Printer Friendly | Permalink |  | Top
 
predfan Donating Member (769 posts) Send PM | Profile | Ignore Mon Dec-08-08 11:41 AM
Response to Original message
5. I've got to admit, if he was expecting $11 million, that would have been excessive,
but $10 million sounds, oh, just about right.

We're so jaded to big numbers today, with all this conversation. A $10 million dollar bonus is $200,000 a week for that year's work.

Printer Friendly | Permalink |  | Top
 
robinlynne Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-08 12:52 AM
Response to Reply #5
33. jesus. 200,000 a week. I can imagine building new worlds with 200,000 a year!
Printer Friendly | Permalink |  | Top
 
No Elephants Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-08 01:17 PM
Response to Reply #5
34. He had no salary?
Printer Friendly | Permalink |  | Top
 
radfringe Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 11:50 AM
Response to Original message
6. ---------MEANWHILE:
---------MEANWHILE:

Big layoffs coming at Merrill Lynch
December 1, 2008 4:48pm ET | By Jim Kim
http://www.fiercefinance.com/story/big-layoffs-coming-m...


Bank of America and Merrill Lynch expect to close on their deal by the end of the year. But before then we're likely to see some changes. The success of the deal really turns on efficiencies, and CNBC reports that the Merrill Lynch investment banking unit is likely to be scaled back dramatically. The two companies have a 266,000 employees combined. The investment banking staff collectively totals about 50,000. CNBC says to expect cuts of about 10,000 in the investment banking staffs. These cuts will begin soon, at least before the end of the year.

========

I suggest laying-off Chief Executive John Thain, and using the "bonus money" to retain the employees
Printer Friendly | Permalink |  | Top
 
Soylent Brice Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 11:54 AM
Response to Original message
7. of course he does. they all do.
Printer Friendly | Permalink |  | Top
 
Neshanic Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 12:01 PM
Response to Original message
9. "Ok, so I hit the iceberg, but we sank quickly and efficiently."
Printer Friendly | Permalink |  | Top
 
stray cat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 12:02 PM
Response to Original message
10. a bonus for competently doing a job - forget it!
Printer Friendly | Permalink |  | Top
 
radfringe Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 12:02 PM
Response to Original message
11. What you may not know about John Thain and his history."
"What you may not know about John Thain and his history."
http://www.progressivesplayground.com/dc/dcboard.php?az...

Thain ran the NYSE before leaving to take over the ML job.


Thain's sidekick at the NYSE was Marshall N. Carter, the former Chairman and CEO of State Street. Carter engaged in oppressive misconduct - on videotape, which the company refuses to produce - designed to squelch Patrick and me at the 2000 Annual Meeting. He also engaged in such tactics in 1998 and 1999.

Carter lost the Chairman and CEO position in 2000, after his little snit fit. At the 2000 Annual Meeting, however, he was praised (on said videotape) by Walter Kaye (the same Walter Kaye who recommended Monica Lewinsky for her White House internship).

The younger Marsh Carter is the son of Marshall S. Carter, former Deputy Director of the CIA and Director of the NSA (and former aide to General George C. Marshall).
Printer Friendly | Permalink |  | Top
 
Hannah Bell Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 04:01 PM
Response to Reply #11
24. interesting set of connections.
Printer Friendly | Permalink |  | Top
 
benld74 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 12:04 PM
Response to Original message
12. I WANT a 5% WAGE INCREASE!!!
10 million bonus?
Printer Friendly | Permalink |  | Top
 
Eurobabe Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 12:17 PM
Response to Original message
13. What a load of horseshit.
:eyes:
Printer Friendly | Permalink |  | Top
 
pattmarty Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 12:27 PM
Response to Original message
14. Tell him OK, and he can pick it up in CASH in a brown paper........
....bag at an intersection in downtown Baghdad. Can you believe this motherfucker???????
Printer Friendly | Permalink |  | Top
 
radfringe Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 12:34 PM
Response to Original message
15. Merrill Lynch - $10billion in bailout money
The Top 10 Regions for Banking Bailouts
By Peter Galuszka
http://industry.bnet.com/financial-services/1000225/the... /
December 8th, 2008


Theres a new geography of financial woe and The New York Times has done a major service by putting it together in a revealing graphic.

It shows where, by city and banks, the first $335 billion tranche of the $700 billion bailout has gone. So far, $161.5 billion has been allocated, another $108.5 billion is pending, some $40 billion is going to American International Group and another $25 billion is committed.

Not all of the bailout money means it is going to institutions that have nearly failed but a lot of it is. No matter how one slices it, the bailout fund is the result of some very bad news.

Heres a breakdown by city and region:

--snip--

New York. $148 billion with Citi taking $50 billion; AIG, $40 billion; and J.P. Morgan Chase, $25, with $10 billion each going to Morgan Stanley, Merrill Lynch and Goldman Sachs.

--snip--

For an even more compelling graphic, we should try to combine these figures with the number of financial services jobs lost and how much in bonus$es the fat cats are getting.
http://www.progressivesplayground.com/dc/dcboard.php?az...
Printer Friendly | Permalink |  | Top
 
Ichingcarpenter Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 12:57 PM
Response to Reply #15
18. Iran To Jail & Flog 16 Ex-Central Bank Staff For Graft

TEHRAN (Reuters) -- An Iranian court has sentenced to jail and lashes 16 former Central Bank staff for taking bribes including 35 billion rials ($3.5 million) in cash as well as gold and foreign currencies, state radio reported.

It was the latest sign of the Islamic republic, whose leaders have vowed to root out graft, getting increasingly tough on corruption in the world's fourth-largest oil producer.

The radio report said those accused received sentences of 10 years in prison, lashes, and fines in the Tehran court's "initial verdict," without making clear whether all 16 were handed the same punishment.

The report did not say when any lashings would take place.

They were also banned from holding government office again, it said, without detailing the crimes and saying what positions they had held in the Central Bank.

They were accused of receiving 35 billion rials in cash and large quantities of gold coins and foreign currencies in exchange for providing finance in the form of letters of credit, a key tool for trade, the radio said.>>>>>>>>snip

http://www.rferl.org/content/Article/1357083.html

Printer Friendly | Permalink |  | Top
 
MissMillie Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 12:35 PM
Response to Original message
16. averting crisis is his job.... and I'm sure he's already paid handsomely for that
bonus? nuh-uh
Printer Friendly | Permalink |  | Top
 
pdefalla Donating Member (133 posts) Send PM | Profile | Ignore Mon Dec-08-08 12:53 PM
Response to Reply #16
17. No bonus?
At least I didn't hit TWO icebergs!
Printer Friendly | Permalink |  | Top
 
sarcasmo Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 12:59 PM
Response to Original message
19. The new #1 Greedy Pig.
Printer Friendly | Permalink |  | Top
 
faulknercindy Donating Member (75 posts) Send PM | Profile | Ignore Mon Dec-08-08 01:23 PM
Response to Original message
20. Here's a saying I get to say everyday
Wow there's an asshole for ya huh?
Printer Friendly | Permalink |  | Top
 
OhioChick Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:34 PM
Response to Original message
21. 10 Mil Bonus?
:wtf:
Printer Friendly | Permalink |  | Top
 
Sewsojm Donating Member (554 posts) Send PM | Profile | Ignore Mon Dec-08-08 01:59 PM
Response to Reply #21
22. This greedy bastard
This greedy bastard should be stripped naked then hot tarred & feathered , fuck these wealthy bastards!!



In December 2003 NYSE interim Chairman John Reed, told The Wall Street Journal that Thain would be paid "a plain vanilla number" - about $4 million a year, including bonuses, with no "strange retirement" programs like former CEO Dick Grasso was paid.

Merrill Lynch announced that Mr. Thain will receive at least $50 million per year in compensation and could achieve as much as $120 million per year, depending on the company's stock price. Based on a formula by the Associated Press<1>, in 2007 Thain was the best-paid CEO among the S&P 500 companies, receiving $83.1 million.

As of Dec 8th 2008, Thain suggested to directors that he get a 2008 bonus of as much as $10 million because he saved shareholders money (including himself) by selling to Bank of America. The battered company's compensation committee is resisting his request, the Wall Street Journal said, citing people familiar with the situation.
Printer Friendly | Permalink |  | Top
 
JerseygirlCT Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 03:46 PM
Response to Original message
23. I hope they develop the appropriate backbone and/or fear
of retribution, and tell him where to put his request.
Printer Friendly | Permalink |  | Top
 
natrat Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 04:24 PM
Response to Original message
25. what a pos
Printer Friendly | Permalink |  | Top
 
rhett o rick Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 06:18 PM
Response to Original message
26. Bank of America is our enemy. Don't give them any business. nm
Printer Friendly | Permalink |  | Top
 
depakid Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 06:29 PM
Response to Original message
27. Another poster child for financial re-regulation and limits on CEO compensation


The more outrageous their behaviors, the greater the likelihood that responsible legislation and regulation gets put into place next year.
Printer Friendly | Permalink |  | Top
 
HughBeaumont Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 06:36 PM
Response to Original message
28. Go ahead Repukes, I believe you were saying something funny . . .
. . . about how giving the rich money will inspire them to be benevolent!

Idiots. All it does is make them greedier and greedier and for the past 28 years, you've voted to let these assholes loot your money right from out of your paychecks.

This dicktit should get a blue suit and a mug shot. Not a lottery.
Printer Friendly | Permalink |  | Top
 
calimary Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 06:50 PM
Response to Original message
29. I wonder how many jobs that ten million dollars would cover?
A greedy asshole who wants more, at a time when too many people don't have ANYTHING.

What's wrong with this picture?
Printer Friendly | Permalink |  | Top
 
conspirator Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 07:44 PM
Response to Original message
30. John, can we pay you in gold? How about a golden guillotine? nt
Printer Friendly | Permalink |  | Top
 
robinlynne Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-09-08 12:48 AM
Response to Original message
31. fire the mother fucker. And make every one of them clen bathrooms in a homeless shelter for a month.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Tue Nov 25th 2014, 10:19 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC