Monday, December 8, 2008

Merrill, Morgan Stanley CEOs to Forgo Bonuses

Merrill CEO Thain, who had been seeking a multimillion-dollar bonus, today requested he not receive one. Earlier, Morgan Stanley CEO Mack decided not to take a 2008 bonus.

Nice of them. Thain was actually reported to be demanding a $10 million bonus for 'saving' Merrill from melting down entirely. That's the same form that wrote off tens of billions of dollars. His PR adviser must have told him how bad his demands looked.

Thain Spars With Board Over Bonus at Merrill
Merrill Lynch Chairman and CEO John Thain has suggested to directors he receive a 2008 bonus of as much as $10 million, according to people familiar with the situation.

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