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Monday, December 08, 2008

$700 Billion plus $10 Million Bonus

Merrill Lynch Ceo John Thain has guts. He is demanding a $10 Million dollar bonus for all his hard work in busting the brokerage house up. Does that take a pair or what? Taxpayers just handed the banking industry $700 billion in bailout cash and this guy has the audacity to demand a hefty fat bonus. Sometimes you just can’t make this stuff up and MSNBC has this to say on it…

Merrill CEO Thain seeking $10 million bonus
Report: Ailing company’s compensation committee is resisting request

updated 12:20 p.m. ET, Mon., Dec. 8, 2008

NEW YORK - 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.

The compensation committee has not reached a decision, but is leaning toward denying Thain and other senior executives bonuses for this year, the people told the paper.

Wait, you are going to die laughing when you hear the reason he deserves this $10 Million Dollar BONUS…

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. - MSNBC

I have to really think this through because it isn’t making any sense to me. He only burned down half of Merrill Lynch and thus he deserves the $10 Million Bucks? That leads me to wonder if the guy running the bulldozer over Merrill Lynch should get half his pay because he is only demolishing half of the institution?

File this one under dumb ass greed.

*****Dr. Alex Goodall has linked to this post! Thank you Alex!!!

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Blogger Pink Granite said...

Thain demonstrates a remarkable tone deafness about the enormity of the crisis we are all in - and in which he has been a major player!

8:57 PM  
Blogger Papamoka said...

I can literally picture Barney Frank having a Turrets Syndrome breakdown over this guy.

5:30 AM  

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