Greedy Pig #2 John Thain presses for a Ten Million dollar bonus (Merril Lynch)

[sarcasmo]

snip <John Gapper's blog: John Thain's decision, according to the Wall Street Journal, to press for a $10m bonus this year as chief executive of Merrill Lynch surprises me.

snip< It evokes Barack Obama's nice comment on the leaders of Detroit car companies flying to Washington by private jet to ask for a federal bail-out: "Well, I thought maybe they're a little tone deaf to what's happening in America right now."


http://www.ft.com/cms/s/0/d14c161a-c65c-11dd-a741-000077b07658.html

[sharp_stick]

1. These pricks

do not think like "normal" people, they no longer have any idea what normal is. After so long in big business where you share board positions with all your other new rich buddies you start to think you deserve all this stuff. Hell, I bet Thain figures he'd due the damned bonus because he was successful in screwing the taxpayer out of the cash, hence increased bottom line.

This is just like that moronic excuse they use that flying on private jet is needed due to security and safety. I, and I'll wager 99.9% of the population couldn't pick one of these assholes out of a lineup if they wore a fucking sign and since when is a Lear or Citation safer than an Airbus or Boeing.

Bunch of greedy pricks, not only do the CEO's need to go so do the entire Board's of Directors. There should be a rule that no person in a company can take home in cash, options, benefits more than 10X the lowest paid employee.

[LiberalEsto]

3. My husband's brother is a retired banker

He was a highly successful one, president of a huge financial institution, and made millions. Now he sits on various boards and rakes the money in. He has 3 homes and a ski lodge in Vermont.

Their younger brother got downsized for the third time in 5 years. He's working as a stock clerk in a store, and struggling to pay his rent. Their sister helps him out financially whenever she can. We can't. But does the multimillionaire help out?

No f*cking way. He sits on his moneybags, and the only people he helps out are his (well-off) kids and his wife's (well-off) relatives. What a pig.

[sharp_stick]

4. I wish that surprised me

there's something that happens to people when they go from Rich to Filthy Rich and it isn't good. I think that when you can afford staff and/or and publicist you instantly turn into an asshole, it must come with the promotion.

The ability to sit on boards is the biggest scam and money-raking job you can possibly hold. You don't even need a real job just sit on a few boards and you'll never need to worry about cash again.

[LiberalEsto]

8. Well, that's one problem I'll never have

I'll never be Filthy Rich, let along Rich.
But then again, it was never one of my goals in life.

[maxsolomon]

2. hey, he has expenses, just like you.

he's not hoarding that money - it will trickle down. he has to pay for fuel on his sailing yacht, his cigarette boat, AND his private jet, not to mention electricity & gas at his 4000 SF 'cabin' at the Yellowstone Club, his pied-a-terre in Paris, his primary residence in the Hamptons, and his golf condo in in Sedona. not to mention his wife's latest plastic surgery. and of course, his staff.

see? not so different from you & me.

[mediaman007]

5. Hey, that's my money!

Pay the money to the investors! They are clipping the investors portfolios. Somebody else can probably do his job. Maybe someone with humility.

[justabob]

6. I think he already backed off this request

I'll have to find the link, but if I recall he got dressed down by the NY attorney general regarding this, um, request.

on edit.. I can't find the story I read originally, but found this http://www.marketwatch.com/news/story/merrill-lynch-ceo-thain-wont/story.aspx?guid=%7B863A8877-72C5-4EDA-A006-7A79FB5543E4%7D&dist=msr_5 . He and his cohorts won't be getting that bonus.

[sarcasmo]

7. I bet he gets something, this Greedy Pig expects his money.