The Bailout

Many thanks to Peter Sims for sending me this gem.

 I am not quite sure where I stand on the huge new bailout and am reading different sides to form an opinion.  I am damn sure, however, that former Merrill CEO John Thain tops my last for the most clueless and selfish asshole of them all. He was looking like a selfish and dishonest jerk when he had clearly lobbied for a big bonus for himself, but denied doing so. The latest news, which I am sure most of you know, is he apparently paid-out three or four billion dollars in bonuses in the last quarter of 2008, right before his bank was acquired by Bank of America (which has taken 20 billion in TRAP money). He should be thrown in Hudson River. I also wonder, are there any lawyers out there who are smart enough to figure out how to get some of this money back from these selfish creeps?  If you are one of the former Merrill executives who got that money, I suggest not spending it -- I suspect the wheels are in motion already to take it back. Laws aside, Thain's actions are the most shameful I have seen in this fiasco. Thain brings power poisoning to a whole new level --in a just world, his assets would be seized and divided-up among several thousands people who are unemployed or about to lose their houses. I am not easily shocked, but his actions really upset me.

Comments

[E.]

Bob, love your blog and have had you on my favorites a long time. Thought you might appreciate this. Keep up the the good work.

http://www.eclectipundit.com/2009/01/merrill-lynch-is-broken.html

E.

[Travis]

Bob, I think you are being a little harsh. First, BOA knew that Merrill was going to pay the bonuses. Second, everyone in the company received one, not just executives. My spouse works there and received one, and she is not anywhere close to an executive (and it wasn't that much). Third, not all of ML is losing money. Only the investment banking side is in the red. The brokerage side of the business has been doing well for years (it's where my wife works, and no she isn't a broker) and is the only side making money for the company.