Extraordinary Business

I recently read a Reuters article where Merrill Lynch's CEO John Thain asked the company's board of directors for a $10 million bonus. Argument: since he saved the company from impending doom, it seemed only right he should be rewarded. My question is with such "great" leadership how did it get there in the first place?

There are many business leaders that are disconnected with the rest of the world. For most people, if business is poor, we all take a stake in that performance. This could mean layoffs in a worst-case situation, or at least no raise or bonus.

Unfortunately we hear a lot of stories like this now. Many financial sector companies that have gone bankrupt or received billions in bailout money are still paying bonuses. This is not reward for a job well done and for the sake of the taxpayers should not be paid out.

Labels: "John Thain", "Merrill Lynch", bailout, banking, bonuses, CEO, Economy, Leadership, Money