If only we had representatives - national representatives - that had power and influence who could review such an outrageous request of taxpayers money. We really need to change the system and have popularly elected officials that could take control of such a situation. John Thain should consider himself lucky to have a job, let alone a bonus.
New York Attorney General Andrew Cuomo said Monday that the $10 million bonus reportedly being considered for Merrill Lynch's chief executive John Thain is "nothing less than shocking."
In a strongly worded letter sent to members of Merrill's board of directors, Cuomo points out that the brokerage reported losses for every quarter this year, and has lost more than $11 billion in 2008.
He added that Bank of America's (BAC, Fortune 500) takeover of Merrill, which was formally approved by shareholders Friday, "seems to have been the only thing that saved Merrill from collapse."
"Clearly, the performance of Merrill's top executives throughout Merrill's abysmal year in no way justifies significant bonuses for its top executives, including the CEO," Cuomo said in the letter.
