TPM:
The news that John Thain, the CEO of Merrill Lynch, has requested a $10 million bonus isn't sitting well with some prominent political figures.
A statement from Senate Majority Leader Harry Reid notes that in October, Merrill received $10 billion in bailout money. Reid then declares:
The TARP program, from which Merrill Lynch has taken billions of taxpayer dollars, was designed explicitly to limit executive compensation, bonuses and golden parachutes. While American families struggle to keep their jobs and their homes, I question the chutzpah of asking for a $10 million taxpayer-subsidized bonus. Americans deciding which bills to pay this month just to make ends meet do not want their hard-earned money even indirectly spent rewarding executives from banks that are largely responsible for the economic crisis. I sincerely hope that Merrill Lynch rejects this request.
1 comment:
I really can't blame this guy as we just give away money without question. We have lost all of the 350 billion dollars and Hank is clueless as to were it's gone. Yes we know AIG got big bucks, Citi Group/Saudis got billions under the table and of course the high paid appointees plus those billions of miscellious money that went who knows where. Now Hank is working to spend the rest of the 350 billion to more friends and pay offs for keeping mouths shut. Hank will return to Congress for billions more to spend just to make sure Obama/Biden can't fix the Economy in 4 years. Yes the plan is for a Republican to say in 2012 it was Obama/Biden who caused the recession and not Bush/Cheney.
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