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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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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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U.S. economy entered recession in December 2007: NBER |
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Monday, 01 December 2008 21:21 |
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U.S. economy entered recession in December 2007: NBER
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