Monday, December 08, 2008

Greed Has A Name ...

Boy, I think it's time he turns in his super secret "Industry Titan" decoder ring, the footed pajamas, with his name, and "Industry Titan" under it, on them, and, he gets kicked out of the treehouse.

Merrill Chief Wants $10-Million Bonus For Presiding Over $11-Billion Loss

Merrill Lynch chief John Thain wants a bonus of as much as $10 million, reports (sub. req.) the Wall Street Journal.

Merrill's compensation committee is, not surprisingly, said to be objecting, pointing out among other things that, due to the dire economic situation, other firms like Goldman Sachs -- which did better than Merrill -- are forgoing bonuses this year.

Merrill has lost almost $12 billion this year, and is about to be taken over by Bank of America. Its shares have fallen from $50 when Thain took over late last year to $13.04 at close of trading Friday.
The Journal notes some evidence in Thain's favor:
Mr. Thain's decision to sell Merrill likely salvaged billions of dollars for shareholders and saved a huge number of jobs at the firm, even though thousands of positions will be eliminated following the takeover.

Mr. Thain's quick moves won him respect on Wall Street, especially in contrast to top executives at Lehman Brothers Holdings Inc. and Bear Stearns.
Please ...

Isn't that like patting an arsonist on the back, for putting out the fire?

Andrew Sullivan assigns him to the "Dept. of Cojones".

We may have to assign him to our IDOTW.

I suppose, to be fair, Thain needs the heavy-duty cash, so he can fly, in his private corporate jet, to the next AIG Spa Getaway

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