"Insane, outrageous and ridiculous."
There aren't adjectives powerful enough to aptly describe the arrogance and blatant stupidity displayed by the senior management of Merrill Lynch. CNNMoney.com reports that Merrill's chief executive - John Thain - is up for a $10 Million bonus for 2008.
"New York Attorney General Cuomo said Monday that the $10 Million bonus is nothing less than shocking."
Merrill Lynch reported losses for every quarter this year and has lost in excess of $11 Billion in 2008. Bank of America had to step in and takeover Merrill to prevent it from collapse. Bank of America in turn has received substantial assistance in the form of taxpayer's money. Yet in spite of this, Merrill's management is so arrogant and out-of-touch with reality they demand and consider astronomical bonuses. For what? - There's no way Thain deserves it. In fact, he deserves to lose his job instead.
When will this madness end? It's clear that the situation is out of control and we need lawmakers to step in and put a stop to this.