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Merrill Chief Wants $10-Million Bonus For Presiding Over $11-Billion Loss

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babylonsister Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 12:37 PM
Original message
Merrill Chief Wants $10-Million Bonus For Presiding Over $11-Billion Loss
Merrill Chief Wants $10-Million Bonus For Presiding Over $11-Billion Loss
By Zachary Roth - December 8, 2008, 1:06PM


Talk about tone deaf!

Merrill Lynch chief John Thain wants a bonus of as much as $10 million, reports (sub. req.) the Wall Street Journal.

Merrill's compensation committee is, not surprisingly, said to be objecting, pointing out among other things that, due to the dire economic situation, other firms like Goldman Sachs -- which did better than Merrill -- are forgoing bonuses this year.

Merrill has lost almost $12 billion this year, and is about to be taken over by Bank of America. Its shares have fallen fom $50 when Thain took over late last year to $13.04 at close of trading Friday.

more...

http://tpmmuckraker.talkingpointsmemo.com/2008/12/merri...
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Double T Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 12:44 PM
Response to Original message
1. Typical belief for a corrupt psychopathic corporate snake like Thain.
This is the type of CEO that needs to fired for incompetence; instead of rewarding incompetence.
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Vinca Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 12:48 PM
Response to Original message
2. I'll gladly take the job and kill the business for half that amount.
Bonuses are supposed to be for success, not failure.
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Selatius Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 12:51 PM
Response to Original message
3. His sense of entitlement is painful to watch. nt
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Idealism Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 12:53 PM
Response to Original message
4. His math is off, he should be given $11 million
I guess its no wonder that he ran the company into the ground with math skills like that
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sattahipdeep Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:01 PM
Response to Original message
5. crazy eyes
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Ichingcarpenter Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:09 PM
Response to Original message
6. They got $10 billion in the bailout so he gets 1/10 of that
as a finders fee. What's wrong with that?



He promised me 1/10 of his bonus for saying that.
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hobbit709 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:28 PM
Response to Original message
7. I'll give him that bonus
In gasoline soaked $1 bills and I have a place to put them in him.
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Nye Bevan Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:37 PM
Response to Original message
8. The CEO of AIG is working for $1 per year
Does Thain thinks he is 10 million times better?
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underpants Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:38 PM
Response to Original message
9. Hey! It could have been $21 Billion
Oh....... with this it will be
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moondust Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:43 PM
Response to Original message
10. Take a hike chump.
You're lucky to have a job at all. Now get down to Burger King and fill out an application.
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eilen Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 02:22 PM
Response to Original message
11. that fucker owes me $8,000
and a big thanks asshole for destroying over 80% of my father's hard earned savings.
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