Merrill Lynch just fired CEO John Thain. Merrill Lynch had a 15 billion dollar 4th quarter loss.
Just days before Merrill Lynch was closed as an independent company, Thain gave out millions in bonuses.
In 2007, Thain got a 15 million dollar signing bonus. Thain wanted a 10 million dollar bonus in 2008 before being shamed into forgoing it.
Now think about the freaking idiots running these companies. This guy presided over billions in losses before he finally got his sorry ass run off. But he's got millions of dollars in bonus money in his pocket. The poor chump that put in his time toiling on the phones and drumming up enough business to pay this asshole millions while he watch the company go in the tank is the one who's screwed.
Disgrace and failure mean nothing to these people. Remember Carly Fiorina of Hewlett Packard. Her of the great teeth? Hewlett Packard paid her almost as much to go away as it did to hire her pathetic self. She ended up one of John McCain's top advisers until she rose to the level of her incompetence and McCain had to run her off.
I like President Obama. I have no problem helping our great companies survive these times. But the first order of business is ridding these businesses of people like Thain and Fiorina before bailing them out. History repeats itself. And don't let assholes like Thain and Fiorina fool you. They are sleeping damn good.
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1 comment:
01 24 09
Hello T101:Thx for linking to me on your site. I do appreciate the linkage, but don't put me into the mad woman of color box! There is much more to me than that. Of course, you may describe me any way you wish so whatever, I'll still visit.
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