[Ferretlover]

By SUSANNE CRAIG

Merrill Lynch & Co. chief John Thain has suggested to directors that he get a 2008 bonus of as much as $10 million, but the battered securities firm's compensation committee is resisting his request, according to people familiar with the situation.
The committee and full board are scheduled to meet Monday to hear Mr. Thain's formal bonus recommendations for himself and other senior executives of the New York company. No decision has been reached, and it isn't known what Mr. Thain will recommend, but the compensation committee is leaning toward denying the executives bonuses for this year, these people said. …
Merrill has suffered net losses of $11.67 billion this year and is about to complete its acquisition by Bank of America Corp. later this month. On Friday, shareholders of both companies separately approved the deal. Mr. Thain has said he deserves a bonus because he helped avert what could have been a much larger crisis at the firm, say people familiar with his thinking. …

WSJ
My DH said that ML should give Thain his bonus, but he has to choose how he will get it:
Option A) The money is distributed among the workers and he has to beg each worker for it--and, each worker gets to decide if he gets that portion; or,
Option B) The money is hidden all over the city, and he gets to keep whatever he can find--while being hunted by all the workers!

[vaseline2008]

Where is the tossed salad man when you need him?

[drew]

As anyone here knows, I'm all for making money in the markets, but come on!

A punch up of his stupid mug by disgruntled investors would be fun to see.

Honestly, all these ceo types think they are a class above all the rest of us.

Drew

[gampy]

With all the losses the company has endured, I am surprised he even has a job.

I think it's indicative of the incestuousness of the Board of Directors merry go round.

All these board members are CEO's at other companies, and don't wish to shoot themselves in the foot by denying these CEO's their vaunted bonus.

The corporate culture at the executive level, and the nature of the director's boards makes these obscene compensation packages possible.

Communism, and socialism (for better or worse) are popular amongst the low-men on the totem pole for good reasons. This is one of them.

[Sixstrings]

from the wsj story:

but the compensation committee is leaning toward denying the executives bonuses for this year, these people said.

Well shucks, if there ever were a year to deny bonuses, I'd say this is it.

[nobodypanic]

pay him in lead.

or hemp rope.

[bratticus]

pay him in lead.

or hemp rope.

or walking commodes.

Thain: Unlikely poster boy in Wall St blame game

By Elinor Comlay
Reuters
January 22, 2009

... skip ...

CNBC reported on Thursday that Thain hired well-known Los Angeles interior designer Michael Smith to redecorate his Merrill office a year ago. The $1.22 million bill included $35,115 for a "commode on legs" and the $1,405 waste can.

... snip ...

[IslandCrow]

Now he is gone

The former chief executive of Merrill Lynch, John Thain, has resigned from Bank of America just three weeks after the two banks officially merged.
....
No official reason has been given for Mr Thain's departure.

"[Bank of America chief] Ken Lewis flew to New York today to talk to John Thain, and it was mutually agreed that his situation was not working out and he would resign," said bank spokesman Robert Stickler.

The resignation follows reports that Merrill Lynch paid its year-end bonuses early - handing out payments just days before the takeover by Bank of America.