dwbiggs Posted December 8, 2008 Share Posted December 8, 2008 http://www.msnbc.msn.com/id/28112397 NEW YORK - Merrill Lynch & Co Chief Executive John Thain has suggested to directors that he get a 2008 bonus of as much as $10 million, but the battered company’s compensation committee is resisting his request, the Wall Street Journal said, citing people familiar with the situation. 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. Man....it would break my heart if this guy doesn't get his 10million dollar bonus. Link to comment Share on other sites More sharing options...
Teller Posted December 8, 2008 Share Posted December 8, 2008 *Stands by for outrage and thread length equalling/surpassing the Big Three thread* Link to comment Share on other sites More sharing options...
Duckus Posted December 8, 2008 Share Posted December 8, 2008 These people are insane. They live in a warped, deranged world. How could any CEO, for a company who is falling apart, think they deserve anything like 10 million dollars. Insane. I am so glad that the board is thinking of rejecting it. They will get a big if they follow through and do it. Link to comment Share on other sites More sharing options...
StillUnknown Posted December 8, 2008 Share Posted December 8, 2008 *Stands by for outrage and thread length equalling/surpassing the Big Three thread* i'd settle for a thread length equalling the Obama smoking thread Link to comment Share on other sites More sharing options...
Bang Posted December 8, 2008 Share Posted December 8, 2008 Unbelievable gall. The fact he requested it is bad enough, but the fact that the board didn't throw him out the second the words came out of his mouth is even more problematic. "The compensation committee has not reached a decision, but is leaning toward denying Thain and other senior executives bonuses for this year," You have GOT to be kidding me. It's either a complete and total lack of any understanding of what they've done, or a complete and total lack of concern for anything other than their own unbelievable greed. ~Bang Link to comment Share on other sites More sharing options...
Corcaigh Posted December 8, 2008 Share Posted December 8, 2008 Who knows the actual story but the implication from the article is that he wants the $10M bonus for helping prevent the collapse of the company since September 15. So the $10M would be for a two and a half month period and for doing a job that he is already paid multi-millions per year for. Some might even think the job of the CEO is to avert taking your company to the brink of collapse in the first place, and NOT to expect a $10 million bonus for staving it of for a couple more months, after it's happened. Link to comment Share on other sites More sharing options...
Corcaigh Posted December 8, 2008 Share Posted December 8, 2008 He's withdrawn his request - but does he think he deserves it or not? http://money.cnn.com/2008/12/08/news/economy/Cuomo_Thain/index.htm?postversion=2008120817 By the way, he received a $15million signing bonus when he joined the firm late last year. Link to comment Share on other sites More sharing options...
dwbiggs Posted December 9, 2008 Author Share Posted December 9, 2008 By the way, he received a $15million signing bonus when he joined the firm late last year. Unbelievable :doh: Link to comment Share on other sites More sharing options...
China Posted December 9, 2008 Share Posted December 9, 2008 Surely he deserves $10 million. After all his company only lost $11.67 billion. I mean, gee, some of the other financial firms went out of business completely, so he must be doing a bangup job. Link to comment Share on other sites More sharing options...
SkinsHokieFan Posted December 9, 2008 Share Posted December 9, 2008 I really am nervous that there will be violence against people like him Link to comment Share on other sites More sharing options...
ECU-ALUM Posted December 9, 2008 Share Posted December 9, 2008 How bout 10 million kicks to the groin first and if he is still standing after that...then sure why not give him his 10 million dollar bonus. Link to comment Share on other sites More sharing options...
Zhouse Posted December 9, 2008 Share Posted December 9, 2008 Does he know the definition of a bonus and how it's earned? Link to comment Share on other sites More sharing options...
SkinInsite Posted December 9, 2008 Share Posted December 9, 2008 Maybe without this guy ML would have lost 30 Bil. Link to comment Share on other sites More sharing options...
Burgold Posted December 9, 2008 Share Posted December 9, 2008 It does make you question whether today's CEO's and some of our political elite are really the French Aristocrasy. Having said that, I don't mind that much because I like cake. Link to comment Share on other sites More sharing options...
China Posted December 9, 2008 Share Posted December 9, 2008 I really am nervous that there will be violence against people like him Who would know who he is? Could you pick him out of a lineup? It's not like he's famous like a celebrity or star athlete where everyone knows what he looks like. Link to comment Share on other sites More sharing options...
chow184 Posted December 9, 2008 Share Posted December 9, 2008 someone should get a 10 dollar baseball bat and knock some sense into him. Link to comment Share on other sites More sharing options...
Corcaigh Posted December 9, 2008 Share Posted December 9, 2008 Surely he deserves $10 million. After all his company only lost $11.67 billion. I mean, gee, some of the other financial firms went out of business completely, so he must be doing a bangup job. Given that he "requested" this bonus presumably it's beyond his agreed compensation when he joined a year ago (and received his $15 million signing bonus). So he thinks that only losing close to $12Billion is an achievement for he should be richly rewarded beyond what he agreed to in his employment contract. Link to comment Share on other sites More sharing options...
SkinsHokieFan Posted December 9, 2008 Share Posted December 9, 2008 Who would know who he is? Could you pick him out of a lineup? It's not like he's famous like a celebrity or star athlete where everyone knows what he looks like. Google is your friend Link to comment Share on other sites More sharing options...
Corcaigh Posted December 9, 2008 Share Posted December 9, 2008 I really am nervous that there will be violence against people like him Time to end the feudal privileges that Wall Street executives have enjoyed for too long. Link to comment Share on other sites More sharing options...
panel Posted December 9, 2008 Share Posted December 9, 2008 These people are insane. They live in a warped, deranged world. How could any CEO, for a company who is falling apart, think they deserve anything like 10 million dollars. Insane.I am so glad that the board is thinking of rejecting it. They will get a big if they follow through and do it. Well, what if it is obvious that with out this CEO, the company would already be Bankrupt, or Collapesed? Even though things are bad, doesn't mean they wouldn't be worse without him. We don't know, so we really can't judge. Link to comment Share on other sites More sharing options...
HOF44 Posted December 9, 2008 Share Posted December 9, 2008 I think he was heard muttering leaving the board room, "let 'em eat cake!!" Link to comment Share on other sites More sharing options...
Brad_Edwards_Fan Posted December 9, 2008 Share Posted December 9, 2008 A couple of people raise a valid point about "what if he did things that saved them x", meaning ML lost less because of him. I consider losses avoided the same thing as income, however i dont know that he should be rewarded the same way. I dont know any of his history, but it seems like he was a recent enough hire that he may not of been the decision maker that led to all of their losses, so if he came in last year and tried to right the ship and ML lost less because of his leadership i think that is commendable, but probably not rewardable at this time. To me, if he helped them minimize losses, it is a situation where he gets a little feather in his hat or some sort of IOU so that when the business turns around it is accounted for in future bonuses. But they have to realize (and it appears that they did too late), that the public is not going ot stomach a guy getting $10M in a year his company lost $11B regardless if he did something to cut losses or not.:2cents: Link to comment Share on other sites More sharing options...
panel Posted December 9, 2008 Share Posted December 9, 2008 There is a lot of hipocracy too, being a CEO isn't an easy job, it is hard work, and requires skill and talent. CEOs DO get paid alot, but the do a lot too. But they are not the only ones are not the only ones that get paid huge amounts of money. Movie stars get paid ridiculous amounts too, but for some reason people feel better about Ben Affleck and Jennifer Lopez making a combind $24.5 Million dollars on a movie that netted only $4Million. I guess that people just like movie stars better than they like CEOs, but I think that CEOs contribute more to society than Movie stars. Link to comment Share on other sites More sharing options...
Corcaigh Posted December 9, 2008 Share Posted December 9, 2008 I guess that people just like movie stars better than they like CEOs, but I think that CEOs contribute more to society than Movie stars. To use your analogy, in this case the "movie star" is asking for a $10million bonus more than he agreed to in the contract because the "film" didn't tank as badly as other failures. Link to comment Share on other sites More sharing options...
zoony Posted December 9, 2008 Share Posted December 9, 2008 Sounds like he wants the $10 milliion for coming in and negotiating the deal with BoA that saved the company from collapse. He was only made CEO after ML was on the brink of collapse. I'm not saying he deserves it, but it's not as bad as it sounds. That said, I'm glad we have a national dialogue going on about this stuff. It has spiralled out of control over the past 20 years. These executive types have simply lost touch with reality- which is probably why they're not very good executives. This mindset has to end- and this is coming from someone who has been a staunch defender of the money these guys make. Link to comment Share on other sites More sharing options...
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