corruption

In the past I have suggested that what people dislike the most about big business and big government is legalized corruption and here is one more example. John Thain was President of the New York Stock Exchange and was offered the job as CEO and Chairmen of Merrill Lynch. He got a 15 million dollar sign up bonus and would earn between 50 and 120 million per year depending on performance. !4 months later the company was going broke and was force to sell to Bank of America. They did not want to buy but Hank Paulson, Secretary of the Treasury, said he would give them the money. Just prior to the sale Thain paid out 4 billion in bonuses to 700 executives who were their when the company went down the drain, the top four of whom received 221 million. This money came from taxpayers by way of gifts to Bank of America. After the sale Thain asked for an extra 10 million as a special bonus for having sold the company but this was called a scandal and he withdrew his request. He left the company an accepted a top position with Commercial Investment Trust where he remains today.