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O/T Merril lLynch Ceo wants 10 m bonus

B

bruster

Member
I'm utterly astounded at the gall of the Ceo of Merrill Lynch wanting his 10 million dollar bonus that he has coming! His claim is that it would have been much worse if he was not in charge!
Unbelievable!
I'm a firm believer that if your company fails, you have failed and get nothing
Anyone else think this?
Congress debates if this is morally or ethically correct. They should ask the 2 million out of work and the stockholders with life savings wiped out.
 
I have to side with Big Fred on this one. Not that I agree with the bonus, but a contract is a contract. If the CEO was a true leader, he would not accept the bonus in light of the current economic mess. How much worse could it have been without him in charge? I don't know, but it will be $10 million worse if he takes his bonus. He's out of touch with reality.

Leading by example is going to be very important in solving this mess. It won't sell to the general public, (and we are footing the bill on these bailouts) if the leaders at these financial firms don't tighten their belts, take pay cuts and trim the fat from the top down and use the bailout funds wisely.

Years ago one of my clients ran a very sucessful business grossing in the lower $100 millions in sales. He said he should put his some of his production workers in the accounting department because those guys could support a family of 4 on $25,000 a year and have some money left over. His accounting people were always running out of money, living paycheck to paycheck while making over $100,000 per year.
 
Even the UAW contract? Seems everybody and his brother thinks the UAW contract needs to be shredded, and the autoworkers left high and dry...including [or especially] the UAW retirees.

[Personally,I think the Big Three should've reserved the money for the UAW retiree costs, instead of paying execs those 7-figure and larger bonuses in years past...since retirement costs was a contractual liability. But then, I'm probably out of line with "conventional business thinking."]
 
yup, every contract. If we stop honoring contracts, that pretty much destroys the whole dang country. If you can't afford it, you shouldn't promise it. If you promise it and can't pay, that's when the bankruptcy courts enter the picture.
 
Fred, you're not gonna be popular with the "some-contracts-are-more-sacred-than-others" crowd here.

And you may be surprised, but I agree wit'cha.
 
The unions have been out of touch with reality, just as the top executives of companies for a while now.............example
Roadway teamsters making in excess of 75,000+ /yr, lived from pay to pay. If they didn't make it back in time to cash their checks the day they were issued, they threw a hissy fit. Why? They were behind on paying for their 200,000 home, 3 brand new vehicles, wave runners, boats, new tractors......the list goes on. This was back in the late 1990's. I watched this every week in Ohio. Friends I have working at GM Lordstown are in the same boat, and they have never learned to save part of what they earn, and live beyond their means.
 
Let me see isn't Merril Lynch one of the companies that got bought? Given that is true then his claim it could be worst isn't exactly true, for that company what could be worst then not existing anymore. AND how does his contract still exist? Unless the sale agreement he negotiated protected 1) his job and 2) his bonus.
 
The executive had the contract with merril lynch not the us tax payer. The govt should be able to specify what the bail out money will go for. in effect no bonuses. Also if a company thinks it can afford to pay a 10 million $ bonus then it should not qualify for any bail out money.
 
Does that mean that the Big 3 CEO's should be considered for sainthood for giving up all their pay except for one dollar?

I don't think so...............
The Merrill Lynch board should kick him to the curb
 
How much of this inability to live within their means is the fault of the union? 90%? 10%? 100%?

I don't think it's the union's place to take responsibility for ANYONE'S personal decisions. If someone chooses to spend more than they make, or to drink up the rent money, that's not the union's fault. That goes back to something called "personal responsibility," in case you're not familiar with the term.
 
I'd agree, with a qualification: If a man makes your company SO much money that paying him a 10 million dollar bonus won't be noticed, THEN he just MIGHT be worth it.

But if your company is LOSING money, then NOBODY gets a bonus.

Simple principle there; wonder why it's so hard for these big corporations to grasp?
 
Years back Packard was given the list of changes by the union. In this was a provision to provide vet care to employees pets, but when it was made public, the union withdrew it.
Too many union workers have gotten away with too much for too long
Laid off GM employees get 95% of their pay!
What's wrong with unemployment compensation?
(which it only about 1/2)
 
In 1983, Wilson Foods took bankruptcy to get out of the contract they had with UFCW. They didn't honor our contract, so let him go without. We in the packinghouses were working hard for a fair wage and lost it. Personally I went from $11.84 per hr to $6.50 overnight. I am still there! working for a worse bunch than I ever imagined. (name withheld to protect my job) I have finally worked my way back to $15, 25 years later. Let those big shots struggle like the working class.
 
We seem to easily overlook the major thrust of our economy over the last 30-40 years: buy, buy, buy, consume, consume, consume. Hundreds of billions were spent on advertising as our economy changed from production to consumption (remember "...if you stop shopping the terrorists have won..."?).
The US consumer was holding up the biggest part of the world, mostly by buying up the worlds consumption, fueled by ever increasing debt (remember all those credit card offers and commercials?)
With everyone broke here, the rest of the world is spiraling down with us. Immediate profits were (and are) more important than the condition of the country.
 
You're absolutely right there.

If everyone finally "gets it," and decides to live within their means, the economy's gonna take a hit...no doubt about it. But if people learn to pay off debt, and then save for purchases beyond a conventional mortgage [with a conventional downpayment], it'll be better for everyone concerned. Even layaway plans are better than the current credit situation, because with layaway,the consumer still doesn't get he merchandise until it's paid for.
 
When it comes right down to it, there are so many rackets and racketeers at every level in this country, and spreading throughout the world, it's a miracle we've lasted as long as we have. Thing is, it could all be fixed with minimal damage if everyone would accept the sacrfices, relative to their personal larceny, that are necessary to level things up again. Of course that isn't likely to happen, is it? So we'll all have to live in the disaster it will take to bring this correction to pass. Hang on friends, it's gonna be a rough ride, especially for those with a lot to lose and no survival training or experience.
 
Does anyone know what the top execs make at the sucessful Japan automakers? I don`t know? Honda,Toyota and Nissan.........Ford owns the Detroit lions That payroll could maybe take care of a lot of the working stiffs wages???
 
That's crazy. I say fire the CEO. Bang we just saved ya' 10 million.If it is a bonus it is not an entitlement by definition.
 
I'd like a $10million dollar bonus too! But I really don't expect any money at all.

It would be interesting to know just what this guy's contract says, and how any bonus is computed.

Although paying the CEO that bonus would be a public relations disaster, it could be that the wording of his employment contract would make the company OWE him the money. And if they refuse to pay him, very possibly the courts would force them to give him the money, assuming his lawyers can prove his case. And going through a trial might cost the company a whole lot more than $10million.

If the CEO cares anything about the company, he will not press the matter any farther. But maybe he is on his way out anyway, and he is just trying to come out the best way he can.

It sure does sound like he has some large, brass ones though!
 
"If the CEO cares anything about the company"
Really doubt that with most of them.
 
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