Monday, December 08, 2008

Why do so many of the arrogant few feel so deserving…

posted by Bill Arnett @ 2:35 PM Permalink

…of massive bonuses after literally having ridden their companies into the ground and leaving them hanging on the precipice of bankruptcy?

Quoting an article from the Huffington Post:
From the Wall Street Journal:

Merrill Lynch & Co. chief John Thain has suggested to directors that he get a 2008 bonus of as much as $10 million, but the battered securities firm's compensation committee is resisting his request, according to people familiar with the situation.

The committee and full board are scheduled to meet Monday to hear Mr. Thain's formal bonus recommendations for himself and other senior executives of the New York company. No decision has been reached, and it isn't known what Mr. Thain will recommend, but the compensation committee is leaning toward denying the executives bonuses for this year, these people said.

Reuters points out that several other Wall Street firms, including Goldman Sachs, will not be giving out bonuses to top executives this year. Though Thain's company was sold to Bank of America after losing a net $11.67 billion this year, Thain argued that it could have been worse.

Thain has said he deserves a bonus because he helped avert what could have been a much larger crisis at the firm, people familiar with his thinking told the WSJ.

Members of Merrill's compensation committee agree with Thain that the takeover is in shareholders' best interest, but believe it would be foolish to ignore strong public sentiment against large compensation packages, the paper said, citing people familiar with their thinking.
Is this finally the blowback from our efforts to build self esteem in all our children by labeling the losers "winners", also? How can this loser realistically, laughably, ridiculously, and idiotically assert that after aiding, while in a position of trust and with the expectation of competency, and participating in the dramatic failures of his company he wants MORE than the ten million dollar bonus to which he certainly believes he is entitled?

What's he gonna do? Threaten to quit and take all that knowledge and skill with him to another company, the bankruptcy of which he could once again contribute to and expect a pat on the head, and millions in bonuses "…because he tries so hard and we mustn't discourage him by pointing out his failures, much less holding him accountable for them by affecting his exorbitant salary and bonuses - we mustn't run the risk of damaging his self-esteem, which he possesses in spades…"

America - where it's all about who you know and no longer a country that recognizes success and failures. If you know the right people, hell, it doesn't matter if you succeed or fail - those in power will see that you are rewarded with Midas-like bonuses either way, so if you want to totally screw up, screw your company and then thoroughly f*ck the poor workers and taxpayers and consumers you were supposed to serve, America is now the place for you.

You'll feel s-o-o-o much better.

Labels: , , , , , , , ,


Post a Comment

<< Home