Greed Update: Merrill Lynch CEO finally drops bid for $10M bonus

[Miroslav]

http://ridingtheelephant.blogs.fortune.cnn.com/2008/12/08/news/economy/Cuomo_Thain/?postversion=2008120817

Merrill Lynch's chief executive John Thain has dropped his request for a $10 million annual bonus after being blasted by New York Attorney General Andrew Cuomo.

Thain had reportedly previously asked for a bonus of up to $10 million, which prompted Cuomo to send a strongly worded letter to Merrill's board of directors in which he called Thain's request for a bonus "nothing less than shocking."

Seriously. I know it's a capitalistic market and that top leadership makes lots of money. I know that Thain was not even there for most of Merrill's disasterous decisions. I know that greed is inherent in the way the world works. But...while the rest of us now struggle to even pay next months' bills thanks to decisions by guys like him...and while his company takes money directly out of our already depleted pockets to cover its screw-ups...and after he already received a $15M bonus just for showing up last year, in addition to salary and perks...

John Thain still feels like he needs to see if he can get his greedy little hands to rip away another $10M right now? Really?

My God. Whatever happened to the idea of having some modicum of personal integrity? Is there anything that even resembles that in higher corporate leadership today? Do these people even stop to think about any of this?

Could he not have just said I'll survive with $1M and give the other $9M to help the families of the massive number of people he just laid off?

[88Mariner]

Re: Greed Update: Merrill Lynch CEO finally drops bid for $10M bonus

Any chance he's a good friend of Eisner?

[thesightless]

Re: Greed Update: Merrill Lynch CEO finally drops bid for $10M bonus

the thing is these guys know they are good, so good where they will simply say FUCK you to the company and go somewhere where their talents are paid for. i.e. asia. yeah its wrong, but they look at the board and say " fine, bye, go find someone to do what i do"

[Miroslav]

Re: Greed Update: Merrill Lynch CEO finally drops bid for $10M bonus

the thing is these guys know they are good, so good where they will simply say FUCK you to the company and go somewhere where their talents are paid for. i.e. asia. yeah its wrong, but they look at the board and say " fine, bye, go find someone to do what i do"

yeah...these guys are so good that they dropped the ball on all the new risky exotic derivative securities they cooked up and had a major hand in fucking up the entire globe's economy. You can't pay enough for "talent" like that.

[i!!ustrious]

Re: Greed Update: Merrill Lynch CEO finally drops bid for $10M bonus

^ Tru, that is not talent, that is frivolous and cunning greed

I will snipe them in the face, and or jugular -- now that is talent.

Quite a few of em reside out here too, and that makes it pretty convenient for big game hunting and lynching no doubt

[superdave]

Re: Greed Update: Merrill Lynch CEO finally drops bid for $10M bonus

yeah...these guys are so good that they dropped the ball on all the new risky exotic derivative securities they cooked up and had a major hand in fucking up the entire globe's economy. You can't pay enough for "talent" like that.

Exactly. If they were so good, then the company wouldn't be in so much trouble. Sure, some external factors can't be helped, but good managers plan for almost any situation. Possibly they should have kept a large amount of cash or liquid securities on hand to pay bills. Or as mentioned, they should limit the amount they invest in derivatives.

Most importantly an executive should be aware of appearances when asking for large bonuses in a bad economy. To me it reeks of greed.

I'm disappointed that our country, universities and companies turn out such greedy and incompetent managers.