Today's Worst Person in the World

[rdowns]

With apologies to Keith Olbermann...

This just pissed me off. This guy's got a brass set. You practically run one of the most prestigious financial companies in the world into the ground and the government has to step in and finance a merger with Bank of America. FU John Thain.

Merrill Lynch CEO seeking 2008 bonus of $10 million (http://news.yahoo.com/s/nm/20081208/bs_nm/us_merrill_bonus;_ylt=AjlF6j5Ypfwx1XGFS5i6ihas0NUE)


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.

[leekohler]

No ********** way! That guy should be hanged just for suggesting it! He needs to be fired immediately.

[dmr727]

That guy needs a d*ck punch.

[bradl]

Dickipedia entry, anyone? ;)


Seriously, this sounds like Enron and MCI all over again. Funnily, all three on Bush's watch.

BL.

[hayduke]

He'll get it, or something near that amount. There are probably pre-meltdown contracts in place. He doesn't deserve it, but there is very little accountability in the current system.

[ucfgrad93]

None of the executives of any company receiving bailout money should get a bonus.:mad:

[QuantumLo0p]

This just pissed me off. This guy's got a brass set. You practically run one of the most prestigious financial companies in the world into the ground and the government has to step in and finance a merger with Bank of America. FU John Thain.

There is usually a board and majority holders involved.

[bradl]

There is usually a board and majority holders involved.

Wait a second..

Wouldn't the bailout, and in Paulson's exact words, make the American People a shareholder in the company? It is our money that is bailing out the market.

BL.

[iJohnHenry]

I think you will find that is the majority shareholders that are showing their appreciation for a "job well done", when a CEO does something that benefits their collective bottom line.

It just leaves the rest of us scratching our heads this time, because it involves a bail-out.

The majority shareholders still benefit, greatly. It's all about greed.

[Gray-Wolf]

With apologies to Keith Olbermann...

This just pissed me off. This guy's got a brass set. You practically run one of the most prestigious financial companies in the world into the ground and the government has to step in and finance a merger with Bank of America. FU John Thain.

Merrill Lynch CEO seeking 2008 bonus of $10 million (http://news.yahoo.com/s/nm/20081208/bs_nm/us_merrill_bonus;_ylt=AjlF6j5Ypfwx1XGFS5i6ihas0NUE)

Don't fire him, demote him to teller :D

[william sire]

Now I have to ask... Why isn't this thread in the political forum? Nonetheless listening to all this not so playful financial badinage in the news of late. It really sounds like neither the CEO's of the major corporations nor the leadership in government can add or subtract.

[ErikCLDR]

My neighbor is getting talks from the state attorney general because his company is in charge of the New England Power Grid and he personally makes $875,000 a year with another $350,000 in other compensation. I must say though, he's pretty frugal considering his financial situation. He makes his kids share a car and his house is worth $700,000-$800,000 (above average but I am sure he could afford more with that wage). They're nice people. All I can say is this is corporate America.

[synth3tik]

I have been opposed to to all these bail outs, because everyone of these slimy bastards walks with million, it is total BS. You have a company that failed, well tough s***. Fix your own damn mess.

Bunch of filthy bastards.

[Schtumple]

This is insane, I can't belive someone would have the guts to turn around and say "Hey guys, I know I f*cked everything up, but you know, everybody deserves a bonus", I hope he's fired immediately.

[Vivid.Inferno]

I have been opposed to to all these bail outs, because everyone of these slimy bastards walks with million, it is total BS. You have a company that failed, well tough s***. Fix your own damn mess.

Bunch of filthy bastards.

Don't hold back now. Tell us how you really feel :p

I don't really agree with the bail outs either. It's a double edged sword.

[rdowns]

Statement from Senate Majority Leader Harry Reid


"The TARP program, from which Merrill Lynch has taken billions of taxpayer dollars, was designed explicitly to limit executive compensation, bonuses and golden parachutes. While American families struggle to keep their jobs and their homes, I question the chutzpah of asking for a $10 million taxpayer-subsidized bonus. Americans deciding which bills to pay this month just to make ends meet do not want their hard-earned money even indirectly spent rewarding executives from banks that are largely responsible for the economic crisis. I sincerely hope that Merrill Lynch rejects this request."


In related news...


Morgan Stanley CEO John J. Mack is giving up a bonus for the second straight year amid a climate of bank failures, thousands of layoffs and an economic recession.

Mack said in a memo Monday to employees obtained by The Associated Press that he and the firm's two presidents, James Gorman and Walid Chammah, informed their board's compensation committee of their decision to forgo 2008 bonuses, and the committee accepted.

[abijnk]

Morgan Stanley CEO John J. Mack is giving up a bonus for the second straight year amid a climate of bank failures, thousands of layoffs and an economic recession.

Mack said in a memo Monday to employees obtained by The Associated Press that he and the firm's two presidents, James Gorman and Walid Chammah, informed their board's compensation committee of their decision to forgo 2008 bonuses, and the committee accepted.

See boys, was that so hard??? :mad:

P.S. Bartlby, open the damn gift.

[AP_piano295]

I think you will find that is the majority shareholders that are showing their appreciation for a "job well done", when a CEO does something that benefits their collective bottom line.

It just leaves the rest of us scratching our heads this time, because it involves a bail-out.

The majority shareholders still benefit, greatly. It's all about greed.

The only CEO I can think of who really seems to be pulling the weight that his salary and bonuses warrant these days is Jobs...

[pseudobrit]

Paulson gave money to financial institutions with no strings attached and they've used it to pay shareholder dividends and executive bonuses as well as fund acquisitions. IOW, Treasury has wasted $300B of your future monies.

[gotzero]

Keep in mind Thain came in after everything was all ready messed up. That said, knowing that, he should have structured any package so he would not have to do something as boneheaded as this.

My guess is his compensation will be delayed. Keep in mind he should not be in one of the positions at BofA that the TARP statutes limit.

I do think it is funny that there is still a Merrill compensation committee at all...

[Counterfit]

I think he was misquoted, and wants to give a $10m bonus to, uh... someone (http://forums.macrumors.com/member.php?u=20555).

[Dont Hurt Me]

Don't fire him, demote him to teller :D
Thats the ticket, these guys were robbing the U.S. and no one is holding them accountable. He should be demoted to Teller and get a spanking and should have to pay some of his own milions back to the govt.

[QuantumLo0p]

Wait a second..

Wouldn't the bailout, and in Paulson's exact words, make the American People a shareholder in the company? It is our money that is bailing out the market.

BL.

Depend if the bailout money is simply a loan or loan with an ownership stake.