Monday, December 8, 2008

"I didn't earn it, give it to me."

Deciding to make a late charge in the "Biggest Balls of the Year" competition, Merril Lynch CEO John Thain decided that despite the fact that his company lost $11.67 billion and was forced to sell to Bank of America to stave off the negation of its existence, he deserves a fat stack of cash with a cherry on top.
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.
Thain has said he deserves a bonus because he helped avert what could have been a much larger crisis at the firm, people familiar with his thinking told the WSJ.
Ah yes, I believe this is what's known as the "Incredible Huevos Maneuver". The old "Although we faced total ruination under my stewardship, we only hit 90% ruination please" gambit. I guess by the standards of economic relativism, yeah Johnny, you didn't go Lehman Brothers on everyone. By normal standards you are a nitwit who ran his company into the ground and helped contribute to the new depression. Take pride, have a cookie, and fuck off. Sans the $10 million bonus you didn't earn.

No comments: