This is why we shouldn't bail out banks
Posted by Media Outrage on December 8th, 2008
Merrill Lynch’s CEO, John Thain, is requesting that he recieve a 2008 bonus of $10 million. Is he crazy? His reason, is that he believes he adverted a much larger crisis at the firm. SMH uncontrollably….
Via Yahoo:
(Reuters) – 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.
Mediaoutrage- This is why we should not be bailing out these shysty ass banks. These people are greedy as hell and don’t give a fluck about the real people that this economic meltdown is affecting. When the board re-convenes, they should silently pass him a paper, with a huge middle finger drawn on it, in 3D.
December 8th, 2008 at 3:16 pm
I use ML and i believe that he should get a bonus……a cute little PINK SLIP and a middle finger……
These asswipes dont know that there people out here fucked up and not knowing weather or not there Roth IRA or Money market accounts with this firm are steady. And he’s asking for 10 mil?!!
This guy needs a bonus asswhipping in the parking lot by the low level employees and the tens of millions screw out of their money!
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December 8th, 2008 at 3:33 pm
LOL @ MO and DT
Yeah we have lost a few g’s dealing with these shady crooks..I have lost a lot of hope with these investments! Anyway, his employment should be terminated for even requesting a bonus! His greedy a$$ just revealed his true colors…”F&ck the clients I want my bonus!”
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December 8th, 2008 at 3:36 pm
You’ve gotta be kiddin’ me!!
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December 8th, 2008 at 3:52 pm
Bail Out my azz, tell him 2 sell some of his cars, houses, and planes. That’s more than 10 million, 4 ya dumb azz.
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December 8th, 2008 at 5:24 pm
You don’t deserve jack-sh@t!!! People going broke everywhere and you make more off their misfortune!!!! You reap what you sow.
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December 8th, 2008 at 8:11 pm
This is fucked up…
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December 9th, 2008 at 3:53 am
There is a reason Bank of America is taking over Merrill Lynch and absoring all the bad debt they have accumulated. For this clown to think he deserves a bonus is called intitlement. Anytime someone can come out their face with this self importance shows you they are the real problem behind the problem.
Here is what should really happen, allow him to stand before the transititon board of Bank of America and present his case for his bonus. When he gets to the amount phase of what he deserves, the blinds should close on anyone able to see into the conference room, and he should first be shot in the mouth, when he falls stuff him into a garbage bag, triple it up. Give all parties in the room a baseball bat and let them beat the garbage bag to death. Have a saw blade under the table saw up all body parts into very small pieces. open the windows cause you on the 15 floor having this dumb ass meeting and throw each piece out the window. Ball the bag up keeping in the blood. Take to bathroom pour blood down the toilet. Make sure you all are in agreement with your statement of John left angry and you decided he is fired from his actions. Take the garbage bag to your car put in trunk. Go to landfill cut bags in tiny pieces and throw away…..
This is as ri-damn-di-cu-lous as his four-eyed ass asking that dumb shit. I swear folks make me sick
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December 9th, 2008 at 4:07 am
this dude got 44 million last year for 3 month of work after leaving his position as head of the NYSE..and this year he wants a bonus. Ok..is probably one of the “nicest” guy on wall street, but dude , you employee are not getting their bonuses and your asking for one ? Do you want to be the friggin Grinch ??? he you want a bonust sell some of your 30 millions shares you own in the company…dumb ass
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December 9th, 2008 at 4:51 am
@ Yea I Said it: Thats funny you mention “Bank of America is taking over Merrill Lynch” BA has been buying all types of banks and businesses since the economy has taken a dive. But guess who started saying that they were having financial problms when they heard there might be bailout money issued to financial institutions having problems? You guessed, it Bank of America!!!! All of the crooks and villians are coming from under the wood works when they heard there was gonna be a welfare program for banks. Them getting bailout money would be like that time ODB pulled up to the food stamp office in a Limo.
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December 9th, 2008 at 2:10 pm
@ 2020VIZN – I was about to say the same thing about Bank America. Despite the fact that it is the largest bank in the U.S. in regards to assets and the second largest for personal checking accounts they will soon submit their proposal to the federal government to aid their financial issues!
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December 9th, 2008 at 6:35 pm
[...] John Thain withdrew his asinine request for a $10 million bonus today after creating a public [...]
December 23rd, 2008 at 12:21 pm
[...] learn this and learn that and get into a great college seems to be bullshyte! Tell little Jimmy to study the principles of being a crooked @ss summab*tch and he might really go far and land one of these high paying jobs. [...]
July 3rd, 2010 at 12:13 am
Food Stamps are nice and handy if you want some fast meals.”‘”
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October 23rd, 2010 at 8:45 am
the homeless people in our area would always use food stamps to satisfy their hunger’”;
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