Pay for Performance

Merrill Chairman and Chief Executive John Thain had recently suggested to directors that he get a 2008 bonus of as much as $10 million, and at one time had been lobbying for a larger number. This is outrageous! Your company has lost over $11 billion in 2008! What makes you think you are entitled to a $10 million bonus? Because you foresaw the collapse of Merrill Lynch and made moves to prevent it? But wasn’t it Stan O’Neil who made the first series of calls to BOA and began the merger talks and as a consequence was released from his duties as CEO because he failed to inform the board of his intentions.

Where I’m employed – I am measured by my performance. If I do not perform, I will not be compensated by a bonus. What is ironic?…Mr. Thain is willing to negotiate for a bonus he believes he is entitled to….when as much as 35,000 of [his] workforce will be laid off due to the BOA/Merrill Lynch merger. The Wall Street mentality has got to change…from every man for himself to…I am responsible for thousands of employees and their families. A novel idea? Huh?

Take a gander at where the net revenues go in these banks….to pay big bonuses!!!


…buh, Bye Bonus
These CEOs of banks and securities firms won’t receive a 2008 bonus:

Josef Ackermann, Deutsche

BankLloyd Blankfein, Goldman Sachs

John Mack, Morgan Stanley

Marcel Rohner, UBS

John Thain, Merrill Lynch

John Varley, Barclays

Brady Dougan, Credit Suisse Group

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