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You’ve got to be kidding ...
Posted by: McQ on Monday, December 08, 2008

Under the "more balls than brains" department, we have this:
Merrill Lynch & Co. chief John Thain has suggested to directors that he get a 2008 bonus of as much as $10 million, but the battered securities firm's compensation committee is resisting his request, according to people familiar with the situation.

The committee and full board are scheduled to meet Monday to hear Mr. Thain's formal bonus recommendations for himself and other senior executives of the New York company. No decision has been reached, and it isn't known what Mr. Thain will recommend, but the compensation committee is leaning toward denying the executives bonuses for this year, these people said.
'Leaning' toward denying executives bonuses for this year?


Giving Thain a bonus would be the equivalent of giving Captain Edward Smith a new ship had he survived the sinking of the Titanic. Thain sold a company worth $100 billion at the beginning of the year for $50 billion in a fire sale.

In reality he ought to be seeing a pink slip headed his way. On the bright side for him, its timing would be perfect. He could join the new administration just in time to team up with Robert Rubin in an economic advisory role. They could reminisce about how each of them managed to help drive a former financial powerhouse to ruin while pretending it was everyone else's fault.
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Previous Comments to this Post 

Come on class warfare warriors! I’m with you here. F*** you John Thain! Unbelievable brass balls.
Written By: RFN
URL: http://
I think you’re confusing Thain with his predecessor Stan O’Neill. O’Neill, deposed in 2007, is the one that totally f&%*ed up ML, and it was Thain who kept ML from going into the toilet.

If not for Thain’s decision, ML would have closed shop a week later. IOW it would have been worth virtually nothing.

Also, when Thain made his move it was was pretty certain that he would be out of a job in the newly owned company as BofA had always previously installed their own management in newly acquired companies. Due to the fundamental differences between BofA and ML, they kept Thain on which was one of their better moves.

RFN, you sound like (as Tom Sowell put it) a typical clueless high school sophomore.

Written By: Sharpshooter
URL: http://

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