$209 Million for Ten People at Merrill Lynch
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The financial disasters at Merrill Lynch have been well documented. Examples of losses are documented in terms of billions of dollars. Amidst this financial crisis, the top executives at Merrill Lynch are doing very nicely:
“Merrill Lynch & Co’s 10 highest-paid employees got a total of $209 million in cash and stock in 2008, up slightly from $201 million they received a year earlier, the Wall Street Journal said, citing reviewed figures.”
link: Merrill’s top 10 earners made $209 mln in 2008-WSJ
Total compensation for these executives went up, despite the fact that the company was having monumental losses. For the people who are losing their jobs, losing their homes, losing their retirement security, this is beyond scandal. It is a level of greed that staggers the imagination. What would the bonuses and pay been like if the company had done well? The legality of this may be somehow defensible. However, the anger among people who finance this bailout and who assume generations of debt grows. It is simply morally corrupt. Revolutions have started for less.
Catherine Forsythe
3 Comments
Pam Walter
March 4th, 2009
at 10:14am
Hear! Hear! As a friend of mine keeps saying; “Someone needs to go to jail!”
Bob Wilson
March 5th, 2009
at 7:14am
As long as the American public allows rewarding undeniably incompetent ability, this scenario will continue to play out. It is time you stand up to these thieves and put them in jail where they belong. The excuse that “We have to pay this kind of money to get and keep good people” is pure BS. You sure got some GREAT people for your money.
MichaelG
March 5th, 2009
at 7:32am
Merrill Lynch. Why are they still around? They have to be one of the most corrupt financiers to ever play the middle class. They were almost constantly in mediation with their clients for malfeasance. For instance, selling penny stocks to the retired limited income elderly. This is no surprise the the scum that rose to the top of Merrill Lynch are taking in more money. Is there anyone in the financial sector that has a conscience? Anyone???