Merrill Lynch Chief Executive requests $10 million bonus
Danny Tse
Posts: 5,206
From here
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 could not be immediately reached for comment.
Shareholders on Friday approved Bank of America Corp's takeover of Merrill, a deal fraught with risk but one that would create a banking giant with a leading position in almost every major area of the financial system.
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.
Members of Merrill's compensation committee agree with Thain that the takeover is in shareholders' best interest, but believe it would be foolish to ignore strong public sentiment against large compensation packages, the paper said, citing people familiar with their thinking.
Committee members are also weighing the fact that other Wall Street firms, including Goldman Sachs Group Inc, which did better than Merrill this year, are not giving out bonuses to top executives, the paper said.
Thain, who became Merrill's chief executive after losses in mortgage-related investments led to the October 2007 ouster of Stanley O'Neal, has also run NYSE Euronext, after a long career at Goldman.
After the Bank of America-Merrill deal is completed, he will run the merged company's global banking, securities and wealth management businesses. Thain will not be joining Bank of America's board.
Post edited by Danny Tse on
Comments
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They should give his greedy **** a pink slip instead!Marantz AV-7705 PrePro, Classé 5 channel 200wpc Amp, Oppo 103 BluRay, Rotel RCD-1072 CDP, Sony XBR-49X800E TV, Polk S60 Main Speakers, Polk ES30 Center Channel, Polk S15 Surround Speakers SVS SB12-NSD x2
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Political Correctness'.........defined
"A doctrine fostered by a delusional, illogical minority and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a t-u-r-d by the clean end."
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They should give his greedy **** a pink slip instead!
just a swift kick in the **** sans el pink slip
its that type of attitude and thinking that has brought about the current financial downfall
farkin greedy **** -
F' him with a side of a real bad case of red ****.
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Pocket money compared to
Thomas Montag's big payday
Seem's like the only line Joe Taxpayer gets first place in is bent over or kneeling in front of a never ending one. -
I think we should expand the death penalty to CEOsReceiver - Onkyo HT-R340
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That's just blatant arrogance and deplorable conduct.
It's a drop in the bucket compared to who has gotten out and liquidated all the good stuff when they saw this coming almost a year ago. There are MANY who could care less what happens at this point.CTC BBQ Amplifier, Sonic Frontiers Line3 Pre-Amplifier and Wadia 581 SACD player. Speakers? Always changing but for now, Mission Argonauts I picked up for $50 bucks, mint. -
The top is the same everywhere. Just a big joke once again.
As my business prof said, "Turf the ****"Michael
In the beginning, all knowledge was new!
NORTH of 60° -
Thain ousted
Thain's office remodel;
Area Rug $87,784
Mahogany Pedestal Table $25,713
19th Century Credenza $68,179
Pendant Light Furniture $19,751
4 Pairs of Curtains $28,091
Pair of Guest Chairs $87,784
George IV Chair $18,468
6 Wall Sconces $2,741
Parchment Waste Can $1,405
Roman Shade Fabric $10,967
Roman Shades $7,315
Coffee Table $5,852
Commode on Legs $35,115 -
Where are the Wilson Alexandria's?I never had it like this where I grew up. But I send my kids here because the fact is you go to one of the best schools in the country: Rushmore. Now, for some of you it doesn't matter. You were born rich and you're going to stay rich. But here's my advice to the rest of you: Take dead aim on the rich boys. Get them in the crosshairs and take them down. Just remember, they can buy anything but they can't buy backbone. Don't let them forget it. Thank you.Herman Blume - Rushmore
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In his defense..."The rug really tied the room together".
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I would have expected more hookers and/or blow.I never had it like this where I grew up. But I send my kids here because the fact is you go to one of the best schools in the country: Rushmore. Now, for some of you it doesn't matter. You were born rich and you're going to stay rich. But here's my advice to the rest of you: Take dead aim on the rich boys. Get them in the crosshairs and take them down. Just remember, they can buy anything but they can't buy backbone. Don't let them forget it. Thank you.Herman Blume - Rushmore
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The Mar's family used to make the exec's set among the factory and production workers. Jack Welch always claimed you couldn't run a company from an office, you had to run it from the stores and production facilities. Just like our politicians, the sr mgt of companies has become very separated from their businesses and their markets.DKG999
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As Bum would say,,fire the sumbitchJC approves....he told me so. (F-1 nut)
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That's why all these companies are going under the CEO's and their fat bonuses!
No wonder the stock market sux....news like this gets out....who wants to buy their stocks?
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George, look at the link on post #11. He's gone.
Why someone would expect a ten million dollar bonus when their is a LOSS at the company they run is beyond my comprehension. Who the F do they think they are?~ In search of accurate reproduction of music. Real sound is my reference and while perfection may not be attainable? If I chase it, I might just catch excellence. ~ -
Why someone would expect a ten million dollar bonus when their is a LOSS at the company they run is beyond my comprehension. Who the F do they think they are?
They expect it because they usually get it. Large companies like that tend to have boards of directors that are comprised of owners of OTHER large companies. They know that if they vote to give one guy a huge bonus,r egardless of performance, the favor will be passed to them, and more times than not, it is.
I'm obviously not saying it's RIGHT, and now it's biting them all in the ****, but that's why it works the way it does.If you will it, dude, it is no dream. -
Man, if only that worked for the people that EARN the money and not the CEO that drives the business into the ground. 10 million divided up between all employees? I'm sure that would motivate some folks to step up and outperform the competition. Giving it to one jackass that's running the business into the ground I'm quite sure doesn't motivate ANY employee.
Common sense. I sure do miss it.~ In search of accurate reproduction of music. Real sound is my reference and while perfection may not be attainable? If I chase it, I might just catch excellence. ~ -
Where do I sign up for my 10 million dollar bonus?
Seriously...why do these people expect these kinds of things? Why do they think they need it? If he's asking for a 10 million dollar bonus, I can't even imagine what his salary must be. Do these people live such lavish lifestyles that they seriously need this much money?
My god...I make about 25,000 a year, and I'm damn happy to get it. I live pretty comfortably off it. I couldn't even imagine making that much money. These people need a serious reality check...there is much more to life than money. That's not what life's about...life is about...life, liberty, the pursuit of happiness!(-waves flag-) Some of these people make it seem like life is about about greediness, taxes and the pursuit of money. That has to be a pretty bleak existence. I'm glad I'm not one of those people.The nirvana inducer-
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George, look at the link on post #11. He's gone.
Why someone would expect a ten million dollar bonus when their is a LOSS at the company they run is beyond my comprehension. Who the F do they think they are?
OK,, shoot him,, then cut off his hands.JC approves....he told me so. (F-1 nut) -
he should go to jail for loosing all that money
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They all spend more time working on deals to up the bonus
instead of minding the business. Steve Jobs made Apple.
He left, it went downhill fast. He came back-back on top.
Now that he's taking a leave, stocks going back down.
Why? Because most people running companies are bean
counters, not innovators. And it shows in the bottom line."The legitimate powers of government extend to such acts only as are injurious to others. But it does me no injury for my neighbour to say there are twenty gods, or no god. It neither picks my pocket nor breaks my leg." --Thomas Jefferson -
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comfortablycurt wrote: »If he's asking for a 10 million dollar bonus, I can't even imagine what his salary must be.
He made $83 million the previous year.
You want to know why Bank of America "fired" him? See this article....John Thain resigned under pressure from Bank of America on Thursday after reports he rushed out billions of dollars in bonuses to Merrill Lynch employees in his final days as CEO there, while the brokerage was suffering huge losses and just before Bank of America took it over.
The bonuses were paid before Bank of America's acquisition of Merrill became final on Jan. 1, and while Bank of America was privately telling the government that Merrill was losing so much money that the deal might fall through unless it could get more federal bailout money.
Bank of America later received an additional $20 billion from the government, in part to offset the unexpected Merrill losses. The brokerage lost $15 billion in the fourth quarter and more than $27 billion for the year.
The bonuses, typically paid in January, were instead given in December and totaled $3 billion to $4 billion, the Financial Times reported Thursday. Bank of America would not confirm the size of the bonuses.
In other words, taxpayers just paid a bunch of people bonuses of $3 - $4 billion for running a business into the ground. -
comfortablycurt wrote: »
My god...I make about 25,000 a year, and I'm damn happy to get it. I live pretty comfortably off it.
That's about all I make after 20yrs at my job.
You don't have kids do you?
Me and the Wife make 45k and it don't go far at all.
Live comfortably....not here in NY!!
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What ever happened to "pay for performance"?JC approves....he told me so. (F-1 nut)
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Sorry didn't mean to spout off! I forgot you do have one child.
Maybe out where you live 25k is decent money.
We pay property tax....school tax....local taxes on purchases which is 8.5%
We pay extra taxes on gas.....I know out west and other places it's different.
By the time you pay all this plus....health care deductions from pay...state and federal taxes out of your pay.....25k isn't squat.
I think NY is only 2nd to Cali for cost of living.
Again sorry about the spout off.....just damn fusterating......economy is going in the crapper and these big wigs toss around MILLIONS like it's chump change.
Then let all the workers and people that have trusted them go down the drain while they are on a yachat somewhere sipping on a Martini working on their tan.
Hell they probably spend 25k in a day and laugh at us.
I get a lil heated about all this.......then again any red blooded American would!
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