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Merrill Lynch CEO Won't Take Multi-Million Dollar Bonus
By
Jen Chung
Published Dec 9, 2008
Modified Dec 9, 2008
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By
Jen Chung
Published Dec 9, 2008
Modified Dec 9, 2008
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After reports said that Merrill Lynch CEO John Thain was interested in a $5-10 million bonus, NY Attorney General Andrew Cuomo warned Merrill executives that bonuses to top executives aren't a great idea. Given that Merrill lost $11 billion this year and is being acquired by Bank of America (who will then shed thousands of jobs in the takeover), Cuomo said a bonus would be "nothing less than shocking." Then, late yesterday, Merrill revealed Thain and other top execs would not get bonuses this year. A NY Times editorial, which acknowledges that Thain's actions probably saved Merrill, says, "Bankers and financial regulators will ultimately have to design a pay structure that rewards bankers for the performance of their strategies over several years, not just the current year or quarter."
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andrew cuomo
Executive Pay
John Thain
Merrill Lynch
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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