CNBC: John Thain Will Not Receive Bonus This Year

Posted by Bess Levin, Dec 08, 2008, 4:23pm

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Supposedly it was "by his request," which would mean a fairly quick turn around time on the change of heart (J to the T, you may have heard, requested $10 million this morning). Additionally, his 4 top lieutenants will get zilch, as well.

Earlier: Andrew Cuomo Having None Of This John Thain Bonus Ish

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Comments

1

Posted by guest , Dec 08, 2008 4:31PM

What a relief

2

Posted by guest , Dec 08, 2008 4:34PM

I didn't get a bonus this year/
I'm goin' to Disneyland/

3

Posted by mj , Dec 08, 2008 4:34PM

I guess if you wanna put a price on not looking like the worlds biggest asshole, its more than $10million. Or how it goes in Thain's mind right now: "The fucking WSJ cost me $10million!"

4

Posted by bank_teller , Dec 08, 2008 4:35PM

those signs above the doorway are JT's grades

5

Posted by Clown Capital , Dec 08, 2008 4:44PM

Blowjob from Minnie Mouse isn't a bad consellation prize. I bet you her mouth feels like a wet blowdryer on low heat...

6

Posted by HAM05 , Dec 08, 2008 4:49PM

wouldnt a wet blowdryer on your dillz = death?

make me a bicycle clown

7

Posted by guest , Dec 08, 2008 4:53PM

I'm guessing that Thain (or his people) are talking to Chazz' friends...I wouldn't be sleeping well if I were reporter for the WSJ...run and hide, run and hide...

8

Posted by guest , Dec 08, 2008 4:54PM

Are you kidding? If there is one guy that should be paid, it is him. He crafted a deal that saved ML and got a premium for it.

9

Posted by guest , Dec 08, 2008 4:55PM

In lieu of the $10MM bonus, Thain accepted a promise from the Merrill board for unlimited hookers dressed in Disney-themed costumes.

10

Posted by guest , Dec 08, 2008 4:56PM

@9...what, furries...?

11

Posted by guest , Dec 08, 2008 4:58PM

Let's get this straight. Banks borrow billions and lend the money. We borrow ten billion from Uncle Sam and we cannot get a bonus? That's FUBAR. We should get a bigger bonus because we got money from Uncle. You try and get money from Uncle and see how good you are at it!

12

Posted by guest , Dec 08, 2008 5:03PM

@8 you are clearly insane. OR you weren't paying attention to the financial sector until a few months ago 2008.

where were you in 2007 and early 2008 when JT was swearing up and down that Merrill didn't need more capital? guess exactly what Merrill needed. that's right, more capital. this dude lost 80% of the firm's value from the time he showed up. sure it could have been 100% if he didn't make a deal, but it could have been 40% if he wasn't such an anus about capital to begin with.

13

Posted by guest , Dec 08, 2008 5:38PM

@12 - I don't get it. Should he have been publicly announcing how desperate for capital they were?

14

Posted by guest , Dec 08, 2008 6:31PM

hahaha i just want to smack this asshole

15

Posted by guest , Dec 08, 2008 7:12PM

I'd like to see Minnie Mouse fist fuck Thain's ass with that big cartoon hand to "It's A Small World After All."

It's a world of hope
It's a world of fear
It's a world of my goddamn fist up your ass queer.

16

Posted by guest , Dec 08, 2008 8:01PM

@8 WTF? He deserves nothing,maybe WIDECLOPS! The arrogance never ends.

17

Posted by guest , Dec 08, 2008 10:44PM

ha, fucking ha

i heard summer MER offers are being pulled by BofA

18

Posted by Anal_yst , Dec 09, 2008 2:02AM

@12

So its Thain's fault O'neal and friends spent years fucking up ML? He started at the beginning of an inevitable clusterfuck?

I'm not saying he deserves a massive bonus, but don't be hatin. Given the shitstorm he stepped into I think the guy should get SOMETHING. Perhaps long-term stock that vests on a rolling 5-year schedule or something along those lines. Oh, and disgourgement from O'neal (etc).

I can't believe i just said that, but for the Fuld, O'neal, Cayne guys who were running these firms, the negligence is ridiculous. That'd be like putting me at the head of Lockheed Skunkworks.

Yea, I've got a basic engineering knowledge, but the crazy shit they do (rocket science, cfd, advanced computer technology) is largely beyond me.

But that's what was going on at these firms. The people at the top had no idea the risks those below them were exposing the firm to, and/or didn't have the cajones to tell the shareholders that they were going to do the right thing, shut down/chill out on the risky profit-centers in order to ensure the long-term solvency of the balance sheet and firm in general.

19

Posted by guest , Dec 09, 2008 7:50AM

Actually it was in consultation with Jim Forbes in healthcare that Merrill got fucked up. The guy was supporting fleming and o'neil in telling them to boost their presence in public finance and asset backed finance. Forbes is an asshole too...

20

Posted by guest , Dec 09, 2008 9:36AM

#18 - Didn't he get a huge signing bonus to join ML? Shouldn't his pay for this year be reflective of the firm's success? We all certainly heard that in the bull years. Thain saved himself Dick Fuld's future fate (possibly being prosecuted for lying about his firm's financial condition)by conning BofA into overpaying for ML (not a hard thing to do to Ken Lewis apparently). He is fortunate to still have a job and the opportunity to make lots of money in the future. I can see no reason why he should be paid any bonus this year. Plus, he has done irreparable damage to his reputation by appearing so insensitive and greedy in his bonus request.

21

Posted by guest , Dec 09, 2008 10:23AM

He'll be accepting 10 million spirit points instead.

22

Posted by guest , Dec 09, 2008 10:39AM

MER sucks... their IBD thinks they are in charge at BofA.... what a wake up call that will be

there is a reason they were going to fail....

23

Posted by guest , Jan 22, 2009 10:27PM

another piece of shit thieving wall street asshole. wtf? when will we say enough? stop doing business with these thieves and go to your community banks. better for everybody. let these pricks go under. they deserve it.

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