View Full Version : Merrill Lynch CEO needs to be lynched
smahoo
12-08-2008, 01:12 PM
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.
Merrill was arguably saved from extinction when it agreed to merge on September 15, an hour before Lehman Brothers Holdings Inc 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 Cos.
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.
http://www.msnbc.msn.com/id/28112397/
in the rankings of bad PR moves, this has to be high on the list....
what an asshole
Alcestis
12-09-2008, 05:46 PM
www.msnbc.msn.com (http://www.msnbc.msn.com/id/28141146/)
NEW YORK - The chief executives of Morgan Stanley and Merrill Lynch & Co. are going without bonuses for a year that has seen Wall Street ravaged by staggering losses, mass layoffs and the collapse of storied firms.
Morgan Stanley’s CEO John J. Mack is giving up a bonus for the second straight year, while Merrill Lynch & Co. said its CEO John Thain also asked to go without the extra compensation for 2008 after reports surfaced he had sought as much as $10 million.
Mack told employees Monday in a memo obtained by The Associated Press that he and the firm’s two presidents, James Gorman and Walid Chammah, informed the board’s compensation committee of their decision to forgo 2008 bonuses, and the committee accepted.
Mack — who did not receive a bonus for 2007, either — said the company is changing year-end compensation for other employees, too.
The executives, however, are still being paid. Last year, Mack earned a salary of $800,000 as well as nearly $400,000 in other compensation, including personal use of a corporate jet.
freegood
12-09-2008, 11:15 PM
He wants the bonus because he suckered BoA into buying them for 50 billion in stock value (now around 30 billion) instead of being thrown to the wolves like Bear Stearns or Lehman.
He wants the bonus because he suckered BoA into buying them for 50 billion in stock value (now around 30 billion) instead of being thrown to the wolves like Bear Stearns or Lehman.
Exactly, he should be paid the $10mm because he saved ML's ass after O'Neill's sorry ass.
taters
12-09-2008, 11:42 PM
The greed of such people is not surprised. We've spent the last 40 years establishing the mantra that 'greed and selfishness are healthy and patriotic'. Fuckrods like this are the result.
Malone
12-10-2008, 12:02 AM
Gordon Gecko lives on.
mongo
12-10-2008, 12:10 AM
in the grand scheme of things, ten millions is nothing. people just need scape goats. grow the fuck up.
The greed of such people is not surprised. We've spent the last 40 years establishing the mantra that 'greed and selfishness are healthy and patriotic'. Fuckrods like this are the result.
Black people are responsible?!
I FUCKING KNEW IT!
Morfin
12-10-2008, 10:01 AM
in the grand scheme of things, ten millions is nothing. people just need scape goats. grow the fuck up.
Right. Just like the issue of the Big 3 CEOs flying into Washington in private jets was nothing compared to what was going on. But, scapegoats are required, and symbols -- such as his $10 million bonus and his own use of the corporate jet -- which amount to peanuts in the grand scheme of things, are important to people and Congress as a sign that extravagance -- at the taxpayers' expense -- needs to be eliminated.