YAGreedyCeoT Company is going down and needs to be saved, so what should you get for a bonus...???

Vette73

Lifer
Jul 5, 2000
21,503
9
0
Merrill Lynch & Co Chief Executive John Thain has suggested to directors that he get a 2008 bonus of as much as $10 million

Its not unions, lower workers, etc... its idiots like this that don;t get it. When the auto ceo's flew by private jet it was not the cost that was the problem, but the idea they don;t get it. Now a CEO of a company that was saved by a merger thinks he should get 10 million for driving the company to near extinction. Its the top people like this that are causing these companies to go down. Its like having your house on fire and you getting a drink from the fridge as you don't know how long the fire dept will be. THEY JUST DON'T GET IT!!!

Oh and....

"The Associated Press identified him as the best-paid CEO in 2007, among S&P 500 companies."
WTF.. they pay him more then most over paid CEO's and he still wants more as the boat is going down.


And no this is not a article from The Onion. How sad I have to say that.


Cuomo: Merrill CEO bonus is 'shocking'
 

Descartes

Lifer
Oct 10, 1999
13,968
2
0
I wish I had performance metrics like this:

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.

I'd certainly like to know more about what the man did exactly. To me, this is a bit like the "we haven't been attacked since 9/11!" mentality. He failed, miserably, but yet deserves a bonus for not failing even more.

I hope there's more to the story.
 

PottedMeat

Lifer
Apr 17, 2002
12,363
475
126
I thought I read a article saying Merrill Lynch was laying off ~10K? Theres a blurb on the side saying layoffs looming at BoA/Merrill.

"You should thank me that 10,000 jobs lost isn't a lot more by giving me $10,000,000."
 

PokerGuy

Lifer
Jul 2, 2005
13,650
201
101
Originally posted by: Marlin1975
Its not unions, lower workers, etc... its idiots like this that don;t get it.

Actually, it's unions AND idiots like this that don't get it. They all share the blame. The workers themselves are just doing their individual jobs, you can't hold them responsible for the "big picture" problems. I don't know how you could keep a straight face when saying you want a bonus even though you had a nice hand in almost driving the company into bankruptcy.

 

DealMonkey

Lifer
Nov 25, 2001
13,136
1
0
John Thain should be forced to pay $10 Mil to his company, not the other way around.

:roll:

My second point is that BofA better not be using a single dollar of TARP funds to purchase Merrill Lynch. Not one dollar!
 

JS80

Lifer
Oct 24, 2005
26,271
7
81
Simple solution: the state should pass a one time legislation that taxes CEO bonuses greater than $1 million (arbitrary figure) of bailed out companies at 99%.
 

boomerang

Lifer
Jun 19, 2000
18,883
641
126
Originally posted by: JS80
Simple solution: the state should pass a one time legislation that taxes CEO bonuses greater than $1 million (arbitrary figure) of bailed out companies at 99%.
I like this. Short and sweet.

Then again, a well placed bullet might send a much more meaningful message. One that all CEO's could easily comprehend.
 

JS80

Lifer
Oct 24, 2005
26,271
7
81
Originally posted by: boomerang
Originally posted by: JS80
Simple solution: the state should pass a one time legislation that taxes CEO bonuses greater than $1 million (arbitrary figure) of bailed out companies at 99%.
I like this. Short and sweet.

Then again, a well placed bullet might send a much more meaningful message. One that all CEO's could easily comprehend.

Now of course there is a loophole to my plan...they can just increase base salary. But Congress can close the loophole by doing the same thing with "excess" base salary pay. Then they will bypass with another loophole...deferred compensation or restricted stock awards and time the payments for after Obama is out of office and the economy picks up again.
 

palehorse

Lifer
Dec 21, 2005
11,521
0
76
Originally posted by: JS80
Originally posted by: boomerang
Originally posted by: JS80
Simple solution: the state should pass a one time legislation that taxes CEO bonuses greater than $1 million (arbitrary figure) of bailed out companies at 99%.
I like this. Short and sweet.

Then again, a well placed bullet might send a much more meaningful message. One that all CEO's could easily comprehend.

Now of course there is a loophole to my plan...they can just increase base salary. But Congress can close the loophole by doing the same thing with "excess" base salary pay. Then they will bypass with another loophole...deferred compensation or restricted stock awards and time the payments for after Obama is out of office and the economy picks up again.
I think you just defined the concept of a slippery slope...
 

brencat

Platinum Member
Feb 26, 2007
2,170
3
76
Coming from the guy who took over after 'Greasy Grasso' was ousted from the NYSE and agreed to work for $1, this is quite amazing for me to accept. $10mil for keeping Merrill from becoming another Lehman?? Pulleeeeze. Tell it walking pal...
 

ebaycj

Diamond Member
Mar 9, 2002
5,418
0
0
Originally posted by: SoundTheSurrender
It's sad that they get away with this shit.

The only reason they do is because Delaware Law (which governs most large corps, they incorporate there for a reason) is OK with blatant cronyism between C-Level executives and boards of directors.

Only blood relatives are off limits due to conflict of interest. So basically you can't put your brother on your company's board of directors, because that would be a conflict of interest. But you can put all of your frat brothers on there, whether they deserve to be there or not, no problem.

It's legalized fraud against the shareholders and it needs to stop. ASAP.

If the shareholders were voting on these massive salaries / bonuses for these massively worthless executives, you can be sure things would be different. Unfortunately only the board of directors needs to vote.
 

boomerang

Lifer
Jun 19, 2000
18,883
641
126
Originally posted by: ebaycj
Originally posted by: SoundTheSurrender
It's sad that they get away with this shit.

The only reason they do is because Delaware Law (which governs most large corps, they incorporate there for a reason) is OK with blatant cronyism between C-Level executives and boards of directors.

Only blood relatives are off limits due to conflict of interest. So basically you can't put your brother on your company's board of directors, because that would be a conflict of interest. But you can put all of your frat brothers on there, whether they deserve to be there or not, no problem.

It's legalized fraud against the shareholders and it needs to stop. ASAP.

If the shareholders were voting on these massive salaries / bonuses for these massively worthless executives, you can be sure things would be different. Unfortunately only the board of directors needs to vote.
Thanks for this post. I've long wondered the ins and outs of all this. Very insightful.
 

CADsortaGUY

Lifer
Oct 19, 2001
25,162
1
76
www.ShawCAD.com
Originally posted by: ebaycj
Originally posted by: SoundTheSurrender
It's sad that they get away with this shit.

The only reason they do is because Delaware Law (which governs most large corps, they incorporate there for a reason) is OK with blatant cronyism between C-Level executives and boards of directors.

Only blood relatives are off limits due to conflict of interest. So basically you can't put your brother on your company's board of directors, because that would be a conflict of interest. But you can put all of your frat brothers on there, whether they deserve to be there or not, no problem.

It's legalized fraud against the shareholders and it needs to stop. ASAP.

If the shareholders were voting on these massive salaries / bonuses for these massively worthless executives, you can be sure things would be different. Unfortunately only the board of directors needs to vote.

Don't own shares if you don't like how a company is run? Wow, what a concept...
 

ITJunkie

Platinum Member
Apr 17, 2003
2,512
0
76
www.techange.com
Originally posted by: JS80
Originally posted by: boomerang
Originally posted by: JS80
Simple solution: the state should pass a one time legislation that taxes CEO bonuses greater than $1 million (arbitrary figure) of bailed out companies at 99%.
I like this. Short and sweet.

Then again, a well placed bullet might send a much more meaningful message. One that all CEO's could easily comprehend.

Now of course there is a loophole to my plan...they can just increase base salary. But Congress can close the loophole by doing the same thing with "excess" base salary pay. Then they will bypass with another loophole...deferred compensation or restricted stock awards and time the payments for after Obama is out of office and the economy picks up again.

Which is precisely why Boomerang's reply is such a good solution :p
 

Pneumothorax

Golden Member
Nov 4, 2002
1,181
23
81
Originally posted by: ITJunkie
Originally posted by: JS80
Originally posted by: boomerang
Originally posted by: JS80
Simple solution: the state should pass a one time legislation that taxes CEO bonuses greater than $1 million (arbitrary figure) of bailed out companies at 99%.
I like this. Short and sweet.

Then again, a well placed bullet might send a much more meaningful message. One that all CEO's could easily comprehend.

Now of course there is a loophole to my plan...they can just increase base salary. But Congress can close the loophole by doing the same thing with "excess" base salary pay. Then they will bypass with another loophole...deferred compensation or restricted stock awards and time the payments for after Obama is out of office and the economy picks up again.

Which is precisely why Boomerang's reply is such a good solution :p

Yup resurrect the guillotine! It's time for a revolution! Like I've said before NO CEO, no matter how crooked they were or instrumental in helping this collapse will spend a day in jail. They'll just have to wait for the afterlife.
 

JS80

Lifer
Oct 24, 2005
26,271
7
81
Originally posted by: Pneumothorax
Originally posted by: ITJunkie
Originally posted by: JS80
Originally posted by: boomerang
Originally posted by: JS80
Simple solution: the state should pass a one time legislation that taxes CEO bonuses greater than $1 million (arbitrary figure) of bailed out companies at 99%.
I like this. Short and sweet.

Then again, a well placed bullet might send a much more meaningful message. One that all CEO's could easily comprehend.

Now of course there is a loophole to my plan...they can just increase base salary. But Congress can close the loophole by doing the same thing with "excess" base salary pay. Then they will bypass with another loophole...deferred compensation or restricted stock awards and time the payments for after Obama is out of office and the economy picks up again.

Which is precisely why Boomerang's reply is such a good solution :p

Yup resurrect the guillotine! It's time for a revolution! Like I've said before NO CEO, no matter how crooked they were or instrumental in helping this collapse will spend a day in jail. They'll just have to wait for the afterlife.

To be fair to Thain he was brought in to fix the mess and averted a collapse by swindling B of A into buying them.
 

boomerang

Lifer
Jun 19, 2000
18,883
641
126
Originally posted by: JS80
Originally posted by: Pneumothorax
Originally posted by: ITJunkie
Originally posted by: JS80
Originally posted by: boomerang
Originally posted by: JS80
Simple solution: the state should pass a one time legislation that taxes CEO bonuses greater than $1 million (arbitrary figure) of bailed out companies at 99%.
I like this. Short and sweet.

Then again, a well placed bullet might send a much more meaningful message. One that all CEO's could easily comprehend.

Now of course there is a loophole to my plan...they can just increase base salary. But Congress can close the loophole by doing the same thing with "excess" base salary pay. Then they will bypass with another loophole...deferred compensation or restricted stock awards and time the payments for after Obama is out of office and the economy picks up again.

Which is precisely why Boomerang's reply is such a good solution :p

Yup resurrect the guillotine! It's time for a revolution! Like I've said before NO CEO, no matter how crooked they were or instrumental in helping this collapse will spend a day in jail. They'll just have to wait for the afterlife.

To be fair to Thain he was brought in to fix the mess and averted a collapse by swindling B of A into buying them.
Not changing the subject but, did you change your Avatar?
 

Vette73

Lifer
Jul 5, 2000
21,503
9
0
he ahs been paid more then he should have...

"2007 Thain was the best-paid CEO among the S&P 500 companies, receiving $83.1 million."


He did not earn another 10million.
 

Robor

Elite Member
Oct 9, 1999
16,979
0
76
Originally posted by: dmcowen674
Have no fear you will have apologists come in here and swear they deserve even more than the 10 million they seek.

'If we don't pay them the competition will!' :laugh:

 

Linux23

Lifer
Apr 9, 2000
11,339
714
126
Yup resurrect the guillotine! It's time for a revolution! Like I've said before NO CEO, no matter how crooked they were or instrumental in helping this collapse will spend a day in jail. They'll just have to wait for the afterlife.

Best post in this thread.