I read this article earlier and thought to myself that he should be paid the bonus. It seems to me that his deal to merge with BOA saved jobs at ML and helped minimize any disruption from ML’s problems at the time of the merger. Fuld chose not to find a solution other than bankruptcy and we see where that’s gotten us. Any thoughts? By Karen Freifeld Dec. 8 (Bloomberg) – New York Attorney General Andrew Cuomo called “shocking” reports that Merrill Lynch & Co.’s board is considering giving Chief Executive Officer John Thain a $10 million bonus. Cuomo said in a letter today to Merrill’s board that a bonus that large “appears unjustified.” The company told Cuomo Nov. 5 that any bonuses would be based on performance and retention needs. New York-based Merrill is being bought by Charlotte, North Carolina-based Bank of America Corp. “The performance of Merrill’s top executives throughout Merrill’s abysmal year in no way justifies significant bonuses for its top executives, including the CEO,” Cuomo wrote. “Merrill’s decision to be taken over by Bank of America seems to have been the only thing that saved Merrill from collapse.” Bank of America already determined Thain would run the merged company’s global banking, securities and wealth management businesses, Cuomo said. To contact the reporters on this story: Karen Freifeld in New York State Supreme Court at kfreifeld@bloomberg.net; Last Updated: December 8, 2008 12:13 EST
I guess. You’d think he defer/forgo it just to show a little goodwill.
$10M isn’t that much - I don’t see a problem with it.
Thain is busted. Watch this coming…
This greed of executives killed the wall street but these fking bastards don’t want to learn lessons. FED should put some executives in jail and teach everybody a lesson that you cannot screw shareholders.
Stan O’Neil is the one who screwed shareholders. Thain is the one who saved their but.
the question is does quick thinking and proactive move “exceed expectations” to merit a 10MM windfall when thousands are expected to see pink slips. CEO are in position to change the direction of a firm and are hired for the same. An institution went down and Thain wants to profit from it both ways.
I hope Thain will get payed from Joey tax money, Just my 2 cents
I think the question here is whether Thain’s actions really warrant a ten million dollar payout. I don’t think it took Thain long to figure out that NOT selling out to B of A wasn’t really an option. I mean I could have told you guys that given the options of putting the place up for sale or sinking it…but would I have gotten $10mill for that brilliant deduction? No. I think Thain’s bonus should be a $10mill divided by a suitable, objective denominator that more equitably balances his hard work…such as the square root of pie. Willy
If you’re trying to imply that Thain shouldn’t get a very large bonus at all then dividing by the sqrt. of pie is probably not the best of ideas.
LPoulin133 Wrote: ------------------------------------------------------- > If you’re trying to imply that Thain shouldn’t get > a very large bonus at all then dividing by the > sqrt. of pie is probably not the best of ideas. Maybe he meant the square of pie.
What I think … actually it’s not polite to look into other one’s pocket. It’s not your money being paid to this employee, but Merrill’s - up to them (and ONLY up to them) to decide on this subject.