Merciful CEO Retracts Plea for Bonus
The next time you’re struggling to provide your family with a hot meal, simply ponder the enormity of the sacrifice being made by John Thain.
The same day his demand for a year-end bonus in excess of $10 million was rejected, the Merrill Lynch CEO rescinded his request under increasing scrutiny from the beleaguered brokerage’s compensation committee and New York Attorney General Andrew Cuomo.
“Clearly, the performance of Merrill’s top executives throughout Merrill’s abysmal year in no way justifies significant bonuses for its top executives, including the CEO,” Cuomo wrote in a letter to the firm’s Board of Directors.
Thain’s ludicrus behavior indicates he may have testicles the size of a grapefruit. Merrill Lynch reported losses of more than $11 billion in 2008, including declines in every quarter.
Formerly the President of Global Banking, Securities, and Wealth Management at Bank of America, Thain, 53, was brought to Merrill Lynch last year to replace Stanley O’Neal to spearhead the merger between the two companies this past September.
Thain received $15 million when he signed on at Merrill Lynch.
In 2007, The Associated Press named Thain as the best-paid CEO among S&P 500 companies.