By MIKE JONES Associate Editor on Dec 9, 2008, at 3:37 PM Updated on 12/09 at 3:37 PM
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The chief executive officer of Merrill Lynch, John Thain, says he should receive no bonus. That's nice. He had earlier said that he believed that he deserved a bonus of $5 million to $10 million.
Some of his buddies, the CEOs of Morgan Stanley and Goldman Sachs, had announced that they would give up their fat bonuses this year. Gee, wonder why?
Merrill Lynch had lost almost $12 million this year. It was kept afloat by Federal Reserve money and eventually it was sold to Bank of America. BOA, of course, got $25 million of taxpayer money.
So, Thain has generously decided to forego his bonus. But don't feel too bad for Thain. When he was hired by Merrill Lynch in 2007 he received a $15 million cash bonus and stock options worth many million more. He also is staying on with Bank of America to run the interests of Merrill Lynch.
I wonder if Mr. Thain would have been so magnanimous if a storm of criticism had not rained down on him when he requested the $5 million to $10 million bonus.
It's time to reread "Bonfire of the Vanities" or rent the movie "Wall Street."
Will these guys ever really get it? Greed indeed knows no bounds.
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