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(Yahoo)   Merrill Lynch Chief Executive John Thain does the right thing and says he won't accept any kind of bonus while people are being laid off. Just joking, the douchebag asks for $10 million bonus - that's about a dollar a fark up   (fe17.story.media.ac4.yahoo.com) divider line 177
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11215 clicks; posted to Main » on 08 Dec 2008 at 11:17 AM (5 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2008-12-08 11:19:25 AM
See what happens when you pay lip service to your gods?

ALL HAIL THE FREE MARKET!
 
2008-12-08 11:19:26 AM
Eat him. Now.
 
2008-12-08 11:20:43 AM
Well to be fair he probably has to pay the mortgage on 5 estates. Wouldn't want a man of his stature and skill set to be forced to live in just one.
 
2008-12-08 11:21:22 AM
Maybe now he can afford some apostrophes.
 
2008-12-08 11:21:39 AM
Sorry dude. But if your company sucks so bad that it has to merge to stay alive you don't get a performance bonus. He must have enormous balls if he thinks he deserves it.
 
jph
2008-12-08 11:22:03 AM
Merrill Lynch didn't do a lot of farkups like, say, Lehman. They are mainly a victim of being in the financial industry. That is, they would have been able to deal with things had people not yanked their liquidity and shorted the hell out of them.
 
2008-12-08 11:22:32 AM
Everyone in finance is a soulless shiat anyway.
 
2008-12-08 11:22:42 AM
Greed knows no bounds.
 
2008-12-08 11:23:06 AM
Yeah. That's 200 people times $50,000. For one guy who screwed up continually.
 
2008-12-08 11:23:34 AM
fta- 'Thain has said he deserves a bonus because he helped avert what could have been a much larger crisis at the firm'

Yes, because he helped the company become just mostly dead, and not all dead, he deserves $10 million...
 
2008-12-08 11:24:23 AM
Ponzholio: Yes, because he helped the company become just mostly dead, and not all dead, he deserves $10 million...

Well I think we can all agree the reason wasn't for True Love
 
2008-12-08 11:24:47 AM
fark this guy and all the guys like him. He's extremely lucky he's not pinned to the sidewalk next to a long line of broke people waiting to take a shiat on his chest.
 
2008-12-08 11:24:59 AM
You know, i actually believed the first part. for a split second i felt my faith in humanity slowly regenerating, for lack of a better word.

then it all fell to shiat.
 
2008-12-08 11:25:08 AM
So, how many apologists will come in here saying that the only way you get leadership of this caliber is by paying the note and we shouldn't be questioning the behaviors of men beyond our station anyway?
 
2008-12-08 11:25:10 AM
and this suprises you how?????
 
2008-12-08 11:25:12 AM
Bring back the gillotine I say.

Let them eat basket.
 
2008-12-08 11:25:23 AM
A bonus is a little something extra because a company did very well. If, for whatever reason, the company you run essentially has to get bought out by another company to remain viable, you don't get a bonus.

Even if he didn't do anything wrong, he obviously didn't do enough right to avert this!! It's a bonus, you're not entitled to a penny douchebag!
 
2008-12-08 11:25:41 AM
img114.imageshack.us
 
2008-12-08 11:26:14 AM
Ugh. Subby is a moron.

Thain joined Merrill in December of 2007. His hand was already dealt at the firm - all the mortgage securities that brought the firm down were already on the books.

After the crisis became a catastrophe he orchestrated the merger with BofA that saved billions for shareholders and may have saved the company altogether.

$10m sounds like a lot, and perhaps it is too high, but the guy definitely deserves a significant compensation package. If I were a Merrill shareholder I think I'd be appreciative of his work.
 
2008-12-08 11:26:17 AM
jph: Merrill Lynch didn't do a lot of farkups like, say, Lehman. They are mainly a victim of being in the financial industry. That is, they would have been able to deal with things had people not yanked their liquidity and shorted the hell out of them.

Sure. I'll accept that. Why not? And that qualifies this guy for a ten million dollar bonus how?
 
2008-12-08 11:26:18 AM
Oh, I forgot to add--if it wasn't for men like him getting a $10 million bonus, all those people beneath him wouldn't even have jobs.
 
2008-12-08 11:26:55 AM
Fifteen years ago I got laid off from a large aerospace firm. We had tons of work but the CEO want to show a larger profit so they cut a bunch of people to save $2 million. After working like mad to make deadlines I was give 1 hour to get out. That same day the CEO took a $2 million dollar bonus for making profit goals.

As I had stock in my 401K I went to the share holders meeting and asked him if this was really the best thing for the company. He said that you have to compensate execs. who are willing to make the hard decisions like lay offs which they don't take lightly. How hard can it be $2 million their pocket, my pocket, hum.
 
2008-12-08 11:27:07 AM
Is Merrill Lynch even worth 10 million?
 
2008-12-08 11:27:30 AM
How is it that none of these "big-wigs" has met their end at the hollow point of a bullet?
(not advocating, just asking... though I would not be personally offended if it happened... just saying)
 
2008-12-08 11:27:33 AM
someone very soon is going to start killing CEOs and Senators

It wont be very long... i think thats the spark thats going to light the revolution
 
2008-12-08 11:27:40 AM
They can still say lynch?
 
2008-12-08 11:28:25 AM
It makes me feel good to know that Congress promises they will keep those damn auto execs on a short leash. Because they are clearly not as deserving of bigass bonuses as this guy.
 
2008-12-08 11:28:25 AM
We have Merrill Lynch accounts. They aren't bad except we had to fight tooth and nail to keep them because we aren't rich enough.

That being said, I'm currently researching local credit unions. I don't care if "everyone was doing it". I don't want to do business with a bank that used MY MONEY to knowingly gamble, then hit up the gov't for MORE OF MY MONEY to bail themselves out.

Everything the execs at ML do is just another provocation for me to switch banks sooner.
 
2008-12-08 11:29:06 AM
So, he should get a raise b/c he saved the company from bankruptcy after he drove the company to bankruptcy...

...yeah that makes perfect sense.
 
2008-12-08 11:29:40 AM
theorellior: Oh, I forgot to add--if it wasn't for men like him getting a $10 million bonus, all those people beneath him wouldn't even have jobs.

This is where, even as a Republican, that entire argument breaks massively down for me.

If Thain were a small business owner...sure, his money goes right back into the company to either keep it afloat or create jobs.

CEO's, Stock Brokers, Bank Managers, Hedge Fund Brokers....

These guys don't employ ANYBODY with their personal cash except for maybe Margarita the illegal immigrant housekeeper.
 
2008-12-08 11:29:44 AM
JohnBigBootay: Sure. I'll accept that. Why not? And that qualifies this guy for a ten million dollar bonus how?


Same way you're qualified for whatever you're earning, someone will pay it, and someone who isn't just as qualified as you are isn't available and willing to work for less.
 
2008-12-08 11:30:13 AM
FTFA:
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.

Perhaps the competition committee could have some sort of competition to see who gets the bonuses...

i268.photobucket.com">
 
2008-12-08 11:31:03 AM
Debeo Summa Credo: Ugh. Subby is a moron.

Thain joined Merrill in December of 2007. His hand was already dealt at the firm - all the mortgage securities that brought the firm down were already on the books.

After the crisis became a catastrophe he orchestrated the merger with BofA that saved billions for shareholders and may have saved the company altogether.

$10m sounds like a lot, and perhaps it is too high, but the guy definitely deserves a significant compensation package. If I were a Merrill shareholder I think I'd be appreciative of his work.


meh
2/10
good try


Sorry, this Grinch doesnt deserve a dime. Wailt out the ride, then ask for your bonus. NO ONE deserves a bonus for 2 months of work
 
2008-12-08 11:31:16 AM
Thain was left with a mess that his predecessor, Stan Neal, made. If he hadn't married off Merrill to BofA the feds may have needed to prop them up too. Not sure if he's worth a $10M bonus, but he's probably one of the smarter players in the business and should get a few more bucks.

We now rejoin your regularly scheduled programs of jealousy, whining and ignorance now in progress ...
 
2008-12-08 11:31:23 AM
IdBeCrazyIf: Ponzholio: Yes, because he helped the company become just mostly dead, and not all dead, he deserves $10 million...

Well I think we can all agree the reason wasn't for True Love


glad to see i wasn't the only one that thought of that movie when i read this comment.
 
2008-12-08 11:31:34 AM
elwood1972: How is it that none of these "big-wigs" has met their end at the hollow point of a bullet?
(not advocating, just asking... though I would not be personally offended if it happened... just saying)


i'm wondering why we haven't publicly executed some of these assholes all French Revolution style...
 
2008-12-08 11:32:40 AM
Sorry, but he can cry me a river. He likely gets paid a stupid amount up-front... if he's not smart enough to be able to get by on the millions he probably gets paid as a salary without getting a bonus, he probably doesn't deserve to head up a financial institution.

Although the picture in the article suggests perhaps he could use some of that bonus money to get a better hairpiece...
 
2008-12-08 11:32:42 AM
Devin172: Same way you're qualified for whatever you're earning, someone will pay it, and someone who isn't just as qualified as you are isn't available and willing to work for less.

But when unions get what they make, they're evil parasites, right?
 
2008-12-08 11:32:44 AM
Fire all these useless corporate officers and replace them with magic 8 balls. I'm sure on average the toy would outperform these sleazebags.
 
2008-12-08 11:33:38 AM
Stupid Farkers hate America! He HAS to have $10 million! Do you know how hard it is to find good CEOs these days?? Do you want someone else to hire...

Aw crap, I can't finish. My heart's just not in it. :(

Trolling attempt aborted.
 
2008-12-08 11:33:41 AM
ScottMpls: Not sure if he's worth a $10M bonus, but he's probably one of the smarter players in the business and should get a few more bucks.

How about bus fare?

pxlboy: i'm wondering why we haven't publicly executed some of these assholes all French Revolution style...

Because we don't have the balls.
 
2008-12-08 11:35:21 AM
The_Gallant_Gallstone: Devin172: Same way you're qualified for whatever you're earning, someone will pay it, and someone who isn't just as qualified as you are isn't available and willing to work for less.

But when unions get what they make, they're evil parasites, right?


Depends on the Union. The UAW has a monopoly (at least with the Big Three) on labor. They can't be worked around even though a company such as GM could easily find someone else qualified to work for $20/hour to turn lug nuts...the foreign transplants do it.
 
2008-12-08 11:35:45 AM
The_Gallant_Gallstone: Because we don't have the balls.

THIS
 
2008-12-08 11:36:02 AM
I've got a bonus cock punch for him.
 
2008-12-08 11:37:53 AM
I approve of huge bonuses for the Financial Industry when things are going well. Most of you don't understand that the only reason we work in this business is for the bonus. Things are not going well right now. He sees it as his last kick at the can. He's a moron. I like short sentences.
 
2008-12-08 11:38:27 AM
Rudolph Schmidt
FTFA:
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.

Perhaps the competition committee could have some sort of competition to see who gets the bonuses...


WINNAR!!!
 
2008-12-08 11:38:46 AM
Debeo Summa Credo: Ugh. Subby is a moron.

Thain joined Merrill in December of 2007. His hand was already dealt at the firm - all the mortgage securities that brought the firm down were already on the books.

After the crisis became a catastrophe he orchestrated the merger with BofA that saved billions for shareholders and may have saved the company altogether.

$10m sounds like a lot, and perhaps it is too high, but the guy definitely deserves a significant compensation package. If I were a Merrill shareholder I think I'd be appreciative of his work.


Sounds like he was just doing his job, and is therefore entitled to receive his (probably insane) salary.
 
2008-12-08 11:39:06 AM
He deserves it. Why the hell not? Big business runs in its own leauge... I'm sure that the layoffs caused by the BofA merger saved way more than $10M in salary and benefits. And you can only imagine the type of intangible value such a move adds to the lustre of a banking corporation: they know how to take care of the high-rollers.

The rest of us are too stupid and failed to understand their level of responsibility and decision-making.
 
2008-12-08 11:39:37 AM
Debeo Summa Credo: Ugh. Subby is a moron.

Thain joined Merrill in December of 2007. His hand was already dealt at the firm - all the mortgage securities that brought the firm down were already on the books.

After the crisis became a catastrophe he orchestrated the merger with BofA that saved billions for shareholders and may have saved the company altogether.

$10m sounds like a lot, and perhaps it is too high, but the guy definitely deserves a significant compensation package. If I were a Merrill shareholder I think I'd be appreciative of his work.


Yes, it took a genius to figure out the idea of asking one of the very, very few companies with the money and infrastructure to merge with if they want to merge.

"Look Ma, I had an idea!"
 
2008-12-08 11:40:14 AM
ScottMpls: Thain was left with a mess that his predecessor, Stan Neal, made. If he hadn't married off Merrill to BofA the feds may have needed to prop them up too. Not sure if he's worth a $10M bonus, but he's probably one of the smarter players in the business and should get a few more bucks.

We now rejoin your regularly scheduled programs of jealousy, whining and ignorance now in progress ...


No, no, no. This is the thread where we whine about people making more money than us and fantasize about lynchings or guillotines or spontaneous "revolutions" occurring because of diminishied 401k values or something.

I suspect that you are able to distinguish your ass from your elbow in regard to finance and economics and are therefore not welcome here.
 
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