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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