Reuters is reporting that Merrill Lynch CEO, John Thain, has withdrawn his request for a $10 million bonus. Was this a selfless desire on Mr. Thain’s part to “do the right thing”, or was it caving in to the public outcry? The mere fact that he asked for that kind of bonus in this economic environment, leads me to believe that he caved. Regardless, he is apparently not going to receive $10 million as a reward for losing only $11 billion for the company.
I have to wonder if this had happened before the internet’s existence if Mr. Thain would still be asking for the money.