The Wall Street Journal is reporting that Merrill Lynch CEO John Thain has withdrawn his request for a $10 million bonus, according to Newser.
Thain had said he deserved the compensation because he had brought Merrill Lynch back from the edge of bankruptcy this year, even though Goldman Sachs fared better than his company and had nixed bonuses for its top executives.
Merrill Lynch had lost $11 billion on Thain’s watch, and he wanted a bonus because he hadn’t lost $12 billion.
They say that the first billion dollars is the hardest to lose. After that it’s like falling off a log. That’s on a cliff. Overlooking a waterfall.