Jay Bookman

By Mike

December 8, 2008 1:51 PM | Link to this

Well, are the AJC executives taking pay cuts commensurate with the paper’s circulation declines? How about the pundits who are supposed to be drawing in readers instead of making them cancel their subscriptions in disgust?

By NothingButHypocrites

December 8, 2008 1:59 PM | Link to this

This is the reason I laugh when people say that rich people actually work hard for their money. It’s true for about 1 percent of the Top 1 percent.

I would rather see my trash man collect a bonus this year, at least he has something to show for his hard work.

By getalife

December 8, 2008 2:01 PM | Link to this

The audacity of greed and our Congress enables them by giving them our money.

Probably needs 10 mill for upcoming lawyer costs on fraud charges.

By tcoach

December 8, 2008 2:02 PM | Link to this

They are not getting our tax money so personally it is none of our business what they make.

It is the discretion of stock-holders/ owners of corporations or businesses to pay its employees any way they would like.

Do not remember any article on Andrew Jones this year Bookman, how is what he did any different?

By "The Corporal"

December 8, 2008 2:05 PM | Link to this

So ….. some **quarterbacks make that much for a losing season and some movie stars for a bust movie.

By Cheryl

December 8, 2008 2:23 PM | Link to this

OH HE*L NO!!!!

They received a bailout, of Taxpayer money, he took over the firm in December of 2007 and by late summer 2008 they were ready to go under, so he managed to sell the firm to Bank of Taking over Everything in America and he wants a BONUS?

I think we should line all of these guys up and give them all a bonus they will never forget…… Nothing too violent…… Just people armed with oranges and lemons that we can pelt them with! HARD!

It is too outrageous….. These people have no souls!

By RealityKing

December 8, 2008 2:23 PM | Link to this

Nancy Pelosi has a taxpayer funded Military Jet for her constant travels to Washington. Not to mention the pay raise this year. Meanwhile the budget deficit under her leadership has doubled since 2006. And it is expected to double again to almost $1 trillion next near. Can’t beat that from someone claiming to want to save the world..

By AJC/DNC Management

December 8, 2008 2:38 PM | Link to this

GFH (good for him.)

It’s like the newspaper editorial columnist would turn down the 10 mil if he had a shot at it.

So that leaves us with two choices here, is he goofy or a hypocrite?

By Wyld Byll Hyltnyr

December 8, 2008 2:52 PM | Link to this

Lets try some facts here.

Thain is not the guy who caused the problems at Merrill; he was the guy brought in to clean it up.

Merrill was not bailed out and did not receive TARP money. Merrill’s acquirer, B of A (which also purchased Countrywide)has taken TARP money.

Thain saw the market move against Merill and he quickly orchestrated a a market sale to B of A rather than risking failure by going it alone. Because of his action the Fed did not have to give TARP money to Merrill as it did with Goldman and MS.

Thain ain’t the bad guy here and he earned the $10mm he wants. These troubled institutions will not be able to attract top talent unless they can be compensated when the mission accomplished banner goes up.

By Bosch

December 8, 2008 2:55 PM | Link to this

A guy asks for a $10 million bonus and we wonder why the banking system is failing.

By mm

December 8, 2008 3:00 PM | Link to this

Jay,

Thanks for this column. The posts by the IQ limited far-right shows just how stupid wingnuts are.

By Mrs. Godzilla

December 8, 2008 3:04 PM | Link to this

If Wall Street had been able to attract the top talent….we would not be in this spot now would we!

By RealityKing

December 8, 2008 3:06 PM | Link to this

Yeah it’s disgusting. But hey, if you don’t like it, don’t buy their stock. Too bad the government doesn’t work that way..

By Vonnie

December 8, 2008 3:10 PM | Link to this

Why in the world, pray tell, should someone get 10mil for getting someone to buy the company. I am so sick of these greedy ceos and executives. They are part of the problem and not the solution. Bank of A got some of the bailout money and they choose to compensate this guy with 10mil. That’s why I was against the bailout. Bank of A is probably one of those not giving loans, but they can take the money and give it to shareholders or ceos. That is not what the money was for, or maybe it was, after all the treasury secretary is calling the shots, with no transparency. It is apparent he does not know what he is doing.

By Cheryl

December 8, 2008 3:12 PM | Link to this

Bloomberg News: Oct. 20 (Bloomberg) — Merrill Lynch & Co. Chief Executive Officer John Thain said he expects “thousands” of job losses from the bank’s $50 billion takeover by Bank of America Corp.

Most of the cuts will fall in information technology, operations and “corporate functions,” Thain, 53, said in a Bloomberg Television interview in Dubai today. Jobs in the fixed income and commodities divisions won’t be eliminated after the deal, he said.

We haven't mapped it out in terms of actual number of people, but we are committed to saving $7 billion across the combined platforms, and that will be a challenge,'' Thain said.Between our two companies it will be clearly thousands of jobs.”

So he says he deserves a $10 MILLION BONUS from Merrill Lynch because the net loss was ONLY $11.67 BILLION, not worse? And they had to be taken over by Bank of America, which is paying him an additional $5.2 MILLION, while they are cutting $7 MILLION in jobs from both B of A and Merrill Lynch? And this sounds right. And he is going to stay on at B of A, for I suppose a tremendous amount of money.

I don’t know where you got your info from, I would like to see the source, because Wall Street Journal says Merrill Lynch and friends- took the bailout money….. None of the friends in the original $125 BILLION bailout are paying bonuses, it’s ethically wrong, and in real poor taste

btw, yes the financial markets were volitle, but Merrill didn’t go vulnerable until AFTER Lehman Bros tanked in Sept, so not true he was brought in to save Merrill. If he was, he did a poor job they had to be bailed out and acquired! I still don’t see how that equals bonus for performance

By bh

December 8, 2008 3:15 PM | Link to this

This just goes to prove two laws of the right-wing universe:

What planet are they from?

Jay, Maybe you could try “the sky is blue, the sun is hot” — could be good for a few laughs.

By AmVet

December 8, 2008 3:18 PM | Link to this

A penguin walks into a bar and says to the bartender, “Hey, I need a $10 million bonus…”

Here’s a much better idea - outsource the CEO and Board of Directors jobs overseas. You’ll get someone to work for pennies on the dollar and who’ll unquestionably do a better job running these corporations. And gawd knows they couldn’t be any worse ethcially…

By Cheryl

December 8, 2008 3:29 PM | Link to this

I still vote for the pelting with lemons and oranges…. HARD! It won’t solve the problem, but we will feel a whole lot better!

By Bosch

December 8, 2008 3:39 PM | Link to this

Cheryl,

Forget lemons and oranges, I’d use stones. Big ones.

By mm

December 8, 2008 3:46 PM | Link to this

So the Board of Directors goes to the Annual Stockholders Meeting. They stand in front of the stockholders who have lost 80% of their stock value and with a straight face, tell them “Hey, we think the CEO did such a good job that we are going to give him a 10 million dollar bonus”.

Yeah, I think I would send in a stunt double, because that would be one stupid stunt.

By Wyld Byll Hyltnyr

December 8, 2008 3:51 PM | Link to this

Every tax payer should thank his lucky stars that Thain rather than Fuld was at Merrill’s helm.

I understand that to the unsophisticated person the Thain bonus request is an outrage, but believe me, under the circumstances, the guy is a real hero. Screw Thain the way the “Man of” Steel was screwed at WB and able folks are going to sit on the sideline (where they can make more money) rather than accept the biggest and toughest challenges.

The difference between the guy who scrapes along at $75K a year and the guy who makes real money ain’t intellect or hard work in most cases, rather its the ability to harness his emotions and work through less than palatable situations. That’s what congress and the public must do here, avoid a “scorch the earth” mentality that will make good guys like Thain sit on the sideline.

By AJC/DNC Management

December 8, 2008 3:52 PM | Link to this

Aahhh, yes, all of the libs pounding on their chests about how they would never! but yet if you were to pick one out, how about even one who was recently found running his mouth and presto-

Christopher Dodd D net worth $2,400,000

As a freaking Senator?

Oh yeah, a Countrywide Mortgage Payoff Recipient, I forgot.

Maybe Wagoner should have bribed him, no?

By tcoach

December 8, 2008 3:57 PM | Link to this

I see were some of you are complaining about any who think that this is not the worst thing ever to happen to teh human race.

I ask though, if any of your bosses were willing to pay any of you even a million dollar bons how many would turn it down?

Why are some of you so against companies doing what they please with their profits or lack thereof. It is their money they can do as they please.

None of them have told any of you how to spend your money so why are you so high and mighty that you can tell them how to spend ours.

If some of you knew as much as you portrey then you all would be much too wealthy and too busy to bother any of us idiots here on a blog.

Since some of you do post here 20,30,40,50 times per day, lets all be honest and say that maybe you do not know as much as you all claim.

By cubalibre

December 8, 2008 4:03 PM | Link to this

Wyld Byll@ 2:52 pm: Even if what you’re saying is correct, how the heck can Thain justify getting a $10M bonus for simply doing the job he was actually hired to do (and apparently, not well enough to keep the company from nearly going under)? What figures in the company’s bottom line is he using to to justify the amount he’s asking for?

By bh

December 8, 2008 4:09 PM | Link to this

tcoach:

Not the worse thing in the world by a long shot, but can’t you atleast admit that Thain’s request comes across as pretty arrogant in the current circumstances? At the very least, he seems unaware that he is creating his own public relations nightmare. Top notch executives should be more saavy than that, don’t cha think?

By tcoach

December 8, 2008 4:21 PM | Link to this

I think alot of what alot of people do comes off as arrogant.

I think it is arrogant for any public official to ask for a raise, unless there is a surpluss in that government.

I also think it is arrogant for anyone to tell any group or person how to spend their money but there are many on here doing that and I do not go start a blog about them.

Remember what happens but until it effects any of us as an individual then it is not our business.

If there is ever a time when this particular CEO ask for a gov’t bailout then yes throw this in his face and make him answer why. Because then we have a vested interest, it would be tax money taken away from every citizen, either paid taxes or from public works or projects.

I have not heard a single person who is outragged by this also say anything about professional athletes who under-perform. What about a lawyer who loses a case?

I saw a couple of years ago were Bob Knight returned his entire salary to Texas Tech, because he did not feel he had done an adaquete job. That is far more rare than this and I did not see even a peep on this page. The only comments about his ecision were mostly of people saying other negative things about him.

So it goes both ways, for those who are being judged by you all and for the judges.

By Wyld Byll Hyltnyr

December 8, 2008 4:25 PM | Link to this

cubalibre 4:03 PM

“Even if what you’re saying is correct, how the heck can Thain justify getting a $10M bonus for simply doing the job he was actually hired to do (and apparently, not well enough to keep the company from nearly going under)? What figures in the company’s bottom line is he using to to justify the amount he’s asking for?”

Ok, here’s that which most miss. In the “capital markets” portion of financial industry, the term “bonus” is really a misnomer. Everything revolves around “total comp.” The expectation (an meeting of the minds when one is hired” is not that one’s base salary is all to which I am entitled and that a bonus will not be forthcoming unless one delivers “above and beyond” performance. Rather, the idea is that you get a small draw (salary) throughout the year and then total comp gets squared up at year end. A guy in Thain’s position could get more than $50mm with a good year for the firm, but the expectation when he took the job was not that his bonus would be $0. It just not industry convention to have a zero bouns, even fired people get some bonus. The zero bonus will just shift comp expectations into salary when these guys jump into problem situations, which, in the end, will cost the companies more money because Thain would not have signed up for salary plus $10mm on the front end.

By professional skeptic

December 8, 2008 4:26 PM | Link to this

Profitable companies capable of standing on their own two feet may pay whomever they want whatever they want. For better or for worse, that’s one of the hallmarks of a capitalistic society.

On the other hand, all the struggling, unsuccessful, failing, overextended, embattled companies whose leadership drove them into the ground and then came hat-in-hand to Uncle Sam seeking bailout dollars from taxpayers should not be surprised in the least to receive stern letters from attorneys general and congressmen that question the reasoning behind awarding fat bonuses for top execs.

If both Merril and its new parent BoA are receiving bailout dollars paid by taxpayers, bonuses should be curtailed until the dollars are repaid.

Some financial institutions are wisely eliminating all bonuses and merit increases for 2009, based on dismal 2008 results. Merrill should follow suit.

By Wyld Byll Hyltnyr

December 8, 2008 4:27 PM | Link to this

Below is a link that does a good job of explaing why Thain deserves a bonus.

http://blogs.wsj.com/deals/2008/12/08/mean-street-why-john-thain-deserves-a-bonus/

By Village Green Preservation Society

December 8, 2008 4:31 PM | Link to this

Doesn’t Ozzie Osborne say something about bollocks in that last bit in his latest cell phone commercial, I mean the last scene when he’s talking to his shrink?

I swear I can just make out the word.

It’s been said they should be shackled and literally walked down Wall St. in a row.

I’m dead serious. This idea ought to be given very serious thought.

By professional skeptic

December 8, 2008 4:36 PM | Link to this

@ Wyld Byll Hyltnyr, 4:27PM

Nice try, but no dice. The blogger tried his darnedest to put “lipstick on a pig” but sadly a failed company sucking up taxpayer bail-out dollars is still a pig. I’ll give him an “A” for effort, though

By Midori

December 8, 2008 4:39 PM | Link to this

WBH,

I read the linked story, and it does not hold up to your claim(s).

The guy was hired to do a job. He did the job (somewhat).

And he does not deserve 10 million for “doing his job”.

I can’t believe the same people yelling and foaming at the mouth about the salary of union workers are ok with this.

By Village Green Preservation Society

December 8, 2008 4:43 PM | Link to this

To clarify my previous musing:

said exec should be dressed in striipes and walked down Wall St. wearing stripes and with the word ‘bollocks’ tattooed on his shaved head.

By Village Green Preservation Society

December 8, 2008 4:44 PM | Link to this

To clarify my previous musing:

said exec should be walked down Wall St. wearing stripes and with the word ‘bollocks’ tattooed on his shaved head.

By Village Green Preservation Society

December 8, 2008 4:46 PM | Link to this

To clarify my previous musing:

said exec should be walked down Wall St. with shackled feet, wearing stripes and with the word ‘bollocks’ tattooed on his shaved head.

On second though. Hire a committee to carefully read Kaftka’s masterpiece In the Penal Colony and methodically repeat the practices described there on the guilty.

By Wyld Byll Hyltnyr

December 8, 2008 4:51 PM | Link to this

OK, let me try to be a little more plain about this. No one, except Thain himself, likes that Thain would be paid $10mm. Unless one believes that troubled financial institutions will never again exist, it is important not to shaft someone like Thain. He created a very acceptable outcome from what could have been a far worse situation. $10mm to keep as much talent as possible in the game for future problems is a small, even though not pleasant, cost. The question is will the small-minded win this battle, but over time lose the war for everyone else.

By getalife

December 8, 2008 5:07 PM | Link to this

The trickle up socialism for the greedy that caused this mess was a horrible idea.

This guy will probably end up in prison.

By Midori

December 8, 2008 5:09 PM | Link to this

this is positively HILARIOUS!!!

By Ray

December 8, 2008 5:09 PM | Link to this

Gotta agree with Bookman on this. What a sorry excuse for a CEO. No one should be rewarded for a bad job, much less when their company is in the bucket. Sort of like Franklin Raines and his 190M in bonuses from Freedie. These people are living on some other planet.

By Truly Inspirational

December 8, 2008 5:19 PM | Link to this

I think this article pretty much sums up my feelings regarding executive compensation. It looks like it sums up quite a few people’s feelings, in fact. We need some serious change folks.

By getalife

December 8, 2008 5:26 PM | Link to this

Ha, they call them “birthers” Midori and they are mad (insane) as “sad as hell.”

Bwa.

By Village Green Preservation Society

December 8, 2008 5:30 PM | Link to this

I think Mr. Red Meat qualifies for my Penal Colony idea. He should be strapped down and have something rather unceremonious tattooed onto his skin.

Actually, one of his comments strikes me as grounds for banning. What do you say Jay?

By The Other White Meat -- Porko Republicans (Had To Tell)

December 8, 2008 5:35 PM | Link to this

So, this poster going by the name Red Meat for Chickensh—Pinkos (Mad As Zell) thinks that Bush is a terrorist. I can agree with that. After all, he is a Republican. As for all that other stuff that he spewed, there are many different ways to deal with it. One would be Kroger style when someone makes a mess — Cleanup on Aisle Five.

By sunshine and thunder

December 8, 2008 9:23 PM | Link to this

JAY

Do you own stock in ML or BOA? Are you happy that ML stock is not worthless?

If you own either one then b***. Otherwise leave them the h… alone.

There is absolutely no reason why Thain’s 10 million dollar bonus will have any effect on you, me or any taxpayer.

You (and the rest of the economic ignoramuses on this thread) are class warriors at worst and a bunch of whiners at best.

By Larry

December 9, 2008 5:23 AM | Link to this

Congratulations to the ignorant public and “news” outlets that cherish entertainment over facts.

The “report” which had throngs of the uninformed burning torches and threatening public lynching, was based on a fabricated rumor.

At yesterday’s meeting, Mr. Thain and other senior executives request NO bonus and this request was approved by the board.

May Santa bring Attorney General Andrew Cuomo, Bloomberg and the rest of you something shiny for Christmas; you obviously have no need for facts.

By professional skeptic

December 9, 2008 7:20 AM | Link to this

Sunshine, I recommend you actually go spend some time in the sunshine. Might improve your rotten attitude. No need to call others names in order to try to make your point.