The story is that those awfully incompetent people at Merrill Lynch have lost a total of $11 billion in the latest financial year. Never mind that the Bank of America that bought out Merrill has been provided with $25 billion in State aid.
Those awfully incompetent people have been reported as considering the payment of a BONUS of £10 million to the CEO of Merrill for performance and retention.
Erm, what performance? You lose $11 billion and that's so good that you deserve $10 million for yourself?
Retain who? Someone who lords it over such ineptitude?
Luckily, the Attorney General of the State of New York agrees that no one in such a position deserves a bonus let alone one of $10 million. So the Attorney General wrote to the Board of Merrill and said so. Read the letter here, it's great!http://www.oag.state.ny.us/media_center/2008/dec/Merrill%20Lynch.pdf
At last and well done that Attorney General!
DW
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