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
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)
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(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.
(Read more Merrill Lynch stories.)