After presiding over the unprecedented loss of $11 billion in assets, and the sale of the company,
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.
They are only resisting paying him royally because people are watching. For too long ridiculous executive compensation has been the rule rather than the exception. It's not in the stock holders' interests to pay like this, but since it is difficult for small time investors to effect company policy, the fat cats who sit on one another's boards keep authorizing these outrageous packages.
For a long time, executives have argued that the companies need to pay top dollar to attract the very best management. Hmmmm, loosing $11 billion, that's certainly exceptional performance. I guess he is in a league with other corporate earners such as Mulally at Ford who got on the order of $28,000,000!