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Merrill Boss Seeks $10M Bonus

Directors unlikely to comply given public sentiment

By Ambreen Ali,  Newser User

Posted Dec 8, 2008 4:01 AM CST

(Newser) – Merrill Lynch narrowly escaped extinction this fall, and CEO John Thain is seeking an end-of-year bonus of as much as $10 million for keeping the company alive, reports the Wall Street Journal. Merrill's board of directors—acutely aware of public scrutiny—appear unlikely to fork over that kind of package when they meet today. Goldman Sachs, which performed better than Merrill this year, isn't giving top execs any bonuses this year.

Directors are hesitant to give out lucrative compensation packages, which could fuel public criticism of Wall Street pay, though they recognize Thain's accomplishments.
Directors are hesitant to give out lucrative compensation packages, which could fuel public criticism of Wall Street pay, though they recognize Thain's accomplishments.   (AP Photo/Brian McDermott, file)
Thain smiles as Bank of America's CEO speaks about the companies' merger in New York.
Thain smiles as Bank of America's CEO speaks about the companies' merger in New York.   (AP Photo/Craig Ruttle, file)
Thain sparred with the compensation committee, arguing that he deserves a bonus for averting disaster.
Thain sparred with the compensation committee, arguing that he deserves a bonus for averting disaster.   (AP Photo/Michel Euler, fi e)
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COMMENTS
Showing 3 of 5 comments
Guest
Dec 9, 2008 6:21 AM CST
Merrill Lynch's stock has dropped and their is also talk of possibly 20% + or - of their employees being let go. YES, he might have "saved" the company, but very hypocritical of him or any of the upper eschelon management even considering requesting or even accepting a humungus bonus. Wasn't their salary enough this year vfor them to get by??
Guest
Dec 9, 2008 6:16 AM CST
What an idiot to even think that he should receive such an outrageous amount. John Thain wants a bonus and my IRA's with Merrill Lynch have lost almost a 1/3rd of its worth. I know I am impressed that he did such a wonderful job!
Guest
Dec 8, 2008 5:42 AM CST
The board meeting has come and gone and Thain made no mention of receiving this "bonus". News outlets have to do a better job of reporting actual news and not try to shape the future by reporting what they think they heard.

Board resisting request
Reuters

 
executive compensation • Bank of America • Merrill Lynch • Lehman Brothers • bonuses • John Thain • financial crisis • recession depression

 
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