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Merrill's John Thain wants $10M bonus |
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Monday, 08 December 2008 13:35 |
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 Senate Majority Leader Harry Reid, D-Nev., urged Merrill Lynch (MER) to reject its chief executive John Thain's request for a $10 million bonus at a time when the bank is benefitting from millions of dollars of taxpayer money through the financial rescue package.
The Wall Street Journal reported Monday that Thain requested that Merrill's board pay him the bonus, but that board members are resisting doing so.
"While American families struggle to keep their jobs and their homes, I question the chutzpah of asking for a $10 million taxpayer-subsidized bonus," said Reid.
The $700 billion Troubled Asset Relief Program, or TARP, was designed to have strict limits on executive compensation in exchange for billions of taxpayer dollars to keep the beleaguered financial sector afloat.
Lawmakers have expressed frustration at the level of oversight the Treasury has engaged in, with many senior lawmakers saying they would fight against releasing the second tranche of funds to the Treasury so it could distribute more money to financial firms.
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Crude-oil futures close at $40.81; week's decline of 25% is steepest since 1991 |
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Sunday, 07 December 2008 23:15 |
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 Crude-oil futures fell Friday for a sixth straight session to their lowest level in four years, ending the week with the biggest loss since the Persian Gulf War in 1991, as worse-than-expected U.S. jobs data darkened the outlook for energy demand. Crude oil for January delivery ended down $2.85, or 6.5%, at $40.81 a barrel on the New York Mercantile Exchange, the lowest closing level since December 2004. Oil lost 25% during the week, the largest percentage drop since the week ended Jan. 18, 1991.
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Yahoo shares rise on report of interest from ex-CEO of AOL |
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Tuesday, 02 December 2008 21:49 |
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 SAN FRANCISCO (MarketWatch) -- Former AOL Chief Executive Jonathan Miller is trying to raise money to purchase a portion or all of Yahoo! Inc (YHOO 11.50, +0.76, +7.1%) , the Wall Street Journal reported in its online edition Tuesday. He has been talking to private equity investors and sovereign wealth funds for several months to secure funds, according to the Journal. Miller believes he can finalize a deal that would be worth around $20 to $22 a share, which would involve raising about $28 billion to $30 billion to buy the whole company, the Journal reported, citing sources familiar the matter. Shares of Yahoo rose 8.1% to $11.61 following the news.
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Ford to consider sale of Volvo; shares rise 11% |
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Monday, 01 December 2008 21:21 |
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Ford to consider sale of Volvo; shares rise 11%
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Crude-oil futures fall more than 8% to trade under $50 a barrel |
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Monday, 01 December 2008 21:21 |
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Crude-oil futures fall more than 8% to trade under $50 a barrel
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