This chubby guy can't tell us that if he was the ceo of merrill and the company lost 11.6 billion dollars that he'd give his entire salary and prior bonuses back...
Thain is right by the way. He brokered a deal with bank of america in TWO days under the watchful eye of the fed AND the treasury department, thereby saving the company. It COULD have been worse. Look at lehman brothers, bear sterns, aig, washmu, enron, tyco... The list goes on. Merrill is the top wealth management firm in the world.
Evil is good! Why would you expect anything different. Liberalism has a relativity clause for evil, right? There is no evil anymore. Good is evil! Besides we should never kill a murderer? We cannot have guns to take down some sucker who's killin' our neighbor in the alley. Right? Or to defend our sons from gangbangers the COPS protect. They're pushin' their drugs? It's OK! Or to kill when they rape a chick in your gangway? Right? So get used to it. CEO's jus' doin his job. Don't be judgmental.
Evil is good! Why would you expect anything different. Liberalism has a relativity clause for evil, right? There is no evil anymore. Right? Besides we should never kick a bully's asse into the gutter? We cannot have guns to take down some sucker who's killin' our neighbor in the alley. Right? Or to defend our sons from gangbangers the COPS protect. They're pushin' their drugs? Right? Or to kill when they rape a chick in your gangway? Right? So get used to it. Evil is archaic,it's all good lib!
To be honest, 10 million bonus sounds very modest compared to some other bonuses the CEOs of bail-out companies have been giving themselves. Many of them make hundreds of millions a year in just bonuses, that is on top of regular pay. That isn't to say he deserved 10 millions, but this story sounds off.
@INatalkaI motherfucken modest up your cunt. the point is IF YOU LOOSE MONEY as a TOP MAN, YOU don't get nothin' except for a bullet in the head like the old las vegas mob use to say.
Somebody , somebody stand up and stop this theft of my tax dollars. I am disabled/hanicaped but have to pay taxes which goes to these "Lynching" thieves. That gives me more pain as a handicaped American. O'Riely is BS, so is Geraldo, and Glen Beck not covering these tax payments to them as evil from all perspectives most especially mine. Forget Palin's book. My God, Americans like me are realing with this evil driven upon us!!!!!!!!!!!
If they had to get bailed out why do they deserve a bonus? I swear the next company they bail out they should fire at least 1/2 of the CEOs i'm sorry these companies have too many CEOs and you know what? Its their responsibility ot make sure the company doesnt go bankrupt, why should this guy get a 10 million dollar bonus and the rest of the workers who work their asses off (tho im sure he did too) every day get NOTHING..
Shady it does not matter if it was Obama or Mccain. The Fed runs the country and the presidents so no matter what. The same shit would have happened to us.
ML is the worst place to work for. My wife works at Hopewell Campus- bldg 5. It is THE MOST POLITICAL environment and you need to suck up to survive else you will not. They do not have any damn process and it is the most chaotic environment as I can understand from the weekend calls they have during application rollout etc. They suckup and blame through the call and hang-up.
Merrill lynch is the scummiest company in the history of the world. Managers there have zero integrity, they are always at the center of every scam on wall street.
I'm so sick and tired of these fucking self-righteous, holier-than-thou republicans defending the corporations and their executives. They'll beat the bible the live long day on issues like abortion, gay marriage, and gambling. But on the issue of morality and ethics in the corporate world, the hypocrites defend their executive friends (CONTRIBUTERS) to the bitter end.
It strikes me how uneducated the people who hate bankers are. First of all you need to understand how financial services work. This industry runs on expectations. ML losing 11.67B doesn't mean it is at (11.67B) - it means it underscored the expectations by 11.67B. CEOs get paid these massive amounts to manage the cash flow of the firm, keeping in mind that it is affected by years of prior work. If the contract says he gets a bonus, then he gets a bonus! Get off their backs.
This is what they should do.. give him the 10M bonus as long as he pays back the company the 11BN lost.. fair enough people deserve rewards but in the financial industry the rewards are high just as the risks and losses are high. So he cannot have it all one way regardless. Besides, If they never received the bailout money they would not be receiving bonuses anyway .. this might explain why people commenting on here are really fcuked off with bankers etc
Where is our Government? This country is going to the Dogs. I have no faith anymore in this country. This bailout is all a scam to give the rich the last the we have before the democrats take control, but I believe that both parties in it together.
meh you can say that but in the end every company is in it for the money and ANY politician can be bribed, regardless whether they are american, european, asian, etc. Its just how human beings are. The rich stay rich and the poor get poorer, its how the world works, then the rich start campaigns and "foundations" to help the poor (and make themselves feel better) but really funnel the money back into their pockets.
These bastards rob us till we cant pay them another cent, and then OUR OWN GOVERNMENT lets these thieves take more of our "WORKED FOR" money through our tax system. Just hands it to them and with huge bonuses.......all the while claiming that we the working people are gonna have credit again?????? WHAT????? Credit is what did this to begin with!!!!!!!!!!!I We want justice! JAIL FOR THIEVES......
The CRA helped lower mortgage lending standards, which in turn led to the mortgage crisis, the credit crisis, and the dramatic fall in the housing market subsequent to all those foreclosures.
By threatening lenders with high cost legal action, such as class action lawsuits, in order to force them to abandon their credit standards and get them to extend loans to those victims of society whose credit stinks is responsible for todays mortgage/credit mess.
Worth noting is the fact that Citibank was forced by the settlement agreement to do a substantially increased volume of sub-prime mortgages since the credit of the majority of the plaintiff class was below conventional Fannie/Freddie underwriting standards. Note too that there is no mention of credit scores in the case file.
This is what Obama trumpets as his experience as a civil rights attorney and we are all suffering the consequences of his foray into judicial extortion.
Maybe we need this depression to bring everyone on their knees. How did we ever get to this point....His driver was paid a salary of 200,000 last year! He spent 1 Million redecoration his office!!!!
I'm so sick of this greed. Lets not forget the $87,000 dollar carpet for John Thain for his office. I sure wish they would punish these guys. You can get caught for possession of pot and spend years in prison. but these guys take money and we slap them on the wrist and say "oh, don't do that again." But we can yell and scream, I doubt they will ever get punished.
We can talk about brokers all day, call them losers etc..
who do you think 4 months on, are now investing the Millions/billions of dollars, going to the automotive companies and banking sector..THE SAME PEOPLE, that lost it 4 months ago.. ok they'll make a few examples.. but its business as usual..
For, at root, money, serving as a store of value and medium of exchange, is the lubricant that enables a society to organize itself to achieve progress. The ability to store the fruits of one's labor for future consumption is necessary. The average exchange rate for money against all goods and services, and how it changes over time, plays a profoundly important role in any society, because it influences the nature and scope of our economic and social relationships over time.
I've heard people whine about the government's hard work catching those sneaky, self-centered waitresses not claiming tips on their taxes, or going after sleazy welfare cheats who don't claim the money they make picking bottles from the garbage or doing odd jobs.Then I hear about these hard working, law abiding bank ceos getting slammed just for wanting their annual million dollar bonuses at tax payer's expense,just because they shredded the economy with their real estate scams.
I got audited 10 years ago and had to pay taxes with penalties for $4000 I made giving music lessons to autistic children that i didn't declare. Where is the justice in this system?
TYT is missing one point, THaine came into a sinking ship, which was run into an iceberg by the previous CEO, Stan O'Neal, who was the one steering the company into a iceberg, and ultimately destroyed the company.
1. He took the job to help fix the ship. He fostered the deal with BOA to save Merrill. He did his job well and made the best of a bad situation.
2. Accomplishment merits reward. He made tough decisions that ultimately saved Merrill Lynch. He deserves at the least some kind of reward. Also, don't say his accomplishment is losing billions of dollars, b/c that accomplishment was his predecessor's, not his. It's like blaming Obama for Bush's idiocy.
I don't give a fuck. He's entitled to nothing with the shit his people have put the economy in. It's time to stop being civilized and get fucking angry at all the bureaucratic bullshit, all the fat oil barons, all the political pandering and condensed/manufactured talking points.
I couldn't be more furious about this! It's also Goldman Sachs, too. One of these days, these greedy, unethical SOBs are going to face an angry mob. But I'm just as pissed at our government to doling out the cash with no oversight, no accountability, no nothing. Corporate thieves, cheats and polluters.
NO BONUSES FOR ANYONE WE BAILED OUT. NONE!! THIS IS BULLSHIT!
Anybody remember that scene in Gangs of New York when rioting mob tore apart the houses of the rich fat cats that fucked up there lives, yeah well you get the idea.
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you need to do some more reading, John Thain was hired 1 years ago to fix the Merrill Lynch's financial problem. Merrill's EX CEO MR O'neal was behind the 11 billion dollars loss.
John Thain saved ML by selling itself to Bank of America which also saved many jobs as a result. So I think he deserve something.
No matter what he may or may have not done, does anyone deserve a 10million dollar bonus for doing fuck all.
How about instead of giving it to that jackass give it to the people who actually need it like those who lost their jobs because of ass fucks like him.
Thain had reportedly previously asked for a bonus of up to $10 million, which prompted Cuomo to send a strongly worded letter to Merrill's board of directors in which he called Thain's request for a bonus "nothing less than shocking."
He asked for it on Friday 5th and Monday the 8th Cuomo blasted him. So because it became public he withdrew his request. Good for Cuomo for making it public.
he already requested that he not receive the bonus. this video has out-of-date news. read a paper, young turks regularly skew the news and are incredibly biased.
So for approximately every 1 BILLION dollars lost, you get 1 MILLION dollars in bonus. That is very clear, and absolutely sane. Why is everyone so upset? I swear I'm not being sarcastic. Truly, what is the problem?
If I were Thain, yes, I wouldn't take any bonus. And I agree, the banksters are out of control -- they shouldn't be getting any government money. But the $12bn loss or whatever it was, was happening regardless of Thain. And executive pay shouldn't be scrutinized by anyone but the owners. Let them judge for themselves by voting proxy whether pay is appropriate. What ought to be criticized instead is that the banksters got the people's money in the first place.
So? The fact that he still felt entitled to the bonus in the first place, and what this says about the mindset of CEO's in today's corporate climate, is the point. If enough people held him up to ridicule and he withdraw the bonus request, that's fine, but it doesn't change the big picture.
Where is the national outrage? What has happened to our economic system? Capitalism is about competition and rewarding the most successful. When companies start rewarding abject failure the same as they reward success this is no longer capitalism. This is Cronyism. This is corruption. And this is how our government and our corporations are run. Has even 1 CEO suffered from the staggering failures of these companies?
And your surprised? HELLO!!!WTF? Fire them all! Anyone else who runs their business into the ground goes under, what makes them so special! I say let them all fail, and rebuild from the bottom up, obviously they are doing something wrong. File bandrupcy, get rid of the RIP OFF UNIONS! Why the FUCK are they paying janitors $100Kyr+benefits+retirement+insurance+vacations+a lot more!???? TO PUSH A FUCKIN BROOM!!!???WTF is this country coming too? IMO, you push a fucking broom for $10hr TOPS!
Where is the Board of Directors in this? They're the ones that should be calling for the CEO's dismissal!
Speaking of the BOD, American taxpayers pay 4 times in salary taxes than Corporations do, but Corporate America is worth $50 tril while the people are worth less than $5 tril. We should be on the board of directors for our congress and house of reps. This bailout is a joke! How did we get so screwed?
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young turks are the worst communicators on the planet. Sounds like the AV dept. in high school lost their way. He looks like the average host at a Mid-town tourist rest. in Manhattan.
There were news clips circulating with the Gov boycotting BOA in a speech after those workers had a sit in at the window factory that had to close because BOA pulled their credit line. Now that I find out more it is possible the Gov was guilty of wrong doing (like most politicians), but I like the guy for the stand he took against BOA and the Banksters that are behind them. These global elitist banksters think they are untouchable, but they are goin down.
What is it with Cenk hesitating and not swearing anymore? I guarantee you nobody watches TYT that's under 14, so what's the big deal? You used to curse a plenty, so what caused the change? Did the owners of TYT decide to crack down on it or something?
They BEYOND don't get it. This is a perfect example of white entitlement. This mofo actually feels that he DESERVES that bonus. Why didn't Congress cuss this mofo out. And I'm sure Bush will make sure he gets a "performance allowance" instead of a bonus. The Bastards.
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Would be nice to see REAL news clips here, but TYT seems to think Youtube is a place to SPAM with there useless videos. Nobody cares what you have to say TYT! Maybe you should be on FOX news, so nobody will watch you there also....kinda like your website. Just go away Idiots!!
TYT isn't news you dumbass. It's a talk show about politics and entertainment. If you don't like it, don't watch it. Go back to sucking on Rush's baby dick. Just go away dumbass.
There's a workaround. Just unsubscribe and stop watching TYT videos. Is that so hard? I realize not everyone can agree with what a person says in a video, but that's why you discuss the CONTENT of videos. Not liking the videos itself means you sould just stop following a channel.
Then why do you watch...oh that's right because you are an internet troll that has no life and you want to try to stir the pot to make yourself feel like someone actually notices you a might even like you. Poor baby.
This country and its freedoms are the root of all this money stealing. I am an american 100 percent and would die for my country but we are letting people rob us blind. There has to be reform thru the SEC for public traded companies. Privately held can do what they wish. These bailouts are just insurance policies for the rich. Greed is a killer and it will continue if someone does step in and stop it now.
who you think elected bush as president??? he didn't fall out from the sky he didn't pass through a membrane from another realitly no no no no he came from an american family went to american schools and universities and elected through american citizens if you have selfish ingorant citizen you get selfish ignorant leaders congress has failed you what have you done? nothing now if you can't understand this logic you're very patrioactic
i agree ultimately it is sort of the citizens fault i think that it is funny when people say congress is at fault when the president could have easily vetoed many of the deregulation bills that went through that goes for both bush and clinton because there was one deregulation bill clinton passed we got obama elected now lets hold him to his word
Well we gave them 700 Billion for being a loser, what do you mean you don't get money. I think you are the one that isn't understanding the way things are now. Considering what's been happening it seems perfectly fine, and I mean look at the outcomes worst case scenarion you don't get it, best case you get 10 million.
You people just don't understand high finance. You see if M.L. LOST 11 billion dollars that means someone else FOUND 11 billion dollars. Now when the guy who found the 11 billion goes out and spends it the economy will be helped so really Thain did a good thing so he deserves the 10 million dollars. Simple.
"My only point is how come they ask for such a big number."
I think it is because greedy pricks like these don't even know how to think in smaller numbers any more. They figure a million hardly buys anything these days.
The current CEO (John Thain) came on board on Dec-2007 after all of the damage had been done. The next month (Jan-08), ML writes down over $9B. The damage was done by the previous CEO (O'Neil) who left in Nov '07 with a $161M golden parachute. Thain thinks he deserves the $10M because he stoped the bleeding and brokered the merger with BofA. He still does not deserve it.
A friend of mine just came up $180 short on his register, and, even though other clerks were using, it he got fired. Immediately.
The thing is, he gets it. He screwed up by not signing out of the register when he went out on the floor.
These CEOs don't get it. They have no accountability. Carly Fiorina got paid over $40 million dollars to get fired, after nearly driving HP into the ground and costing thousands of American jobs.
You can fire me every day and twice on Fridays at $43 mil a pop.
I watch CEO's on tv and the amount of money they recieve as a bonus at the end of the year is enough to rebuild EVERYTHING broken or damaged in the a stateO_o. I mean why should ANYONE reward someone for failing at a job they are SUPPOSE TO KNOW. That's like picking the kid that fails at everything in school ( and there were those i had n my class in high school) and putting him in the national honors society DX! If i was his boss i would TAKE HIS Paycheck to payback the debt and then some!
This whole economy thing is the fault of BOTH PARTIES! And the CEO's that are use to getting "Welfare" aren't helping the economy any either. I mean this is what happends when the government deregulate so much that a capitalstic government ultimately fails because NO ONE budges anything anymore. These people NEED a budge just like how we middle class watch what we spend. No way in hell would I EVER be 11 billion dollars in debt!
give them the money. they're keeping some big secrets.
give them the money. if they can ask for the money in public one day and something happens to them the next, other CEOs will see that the trust has been broken. give them the money.
crooks and criminals.
Gonzoidzz 1 month ago
Confidence is what got him the position in the first place. Confidence always wins.
GladiatorGT 4 months ago
This chubby guy can't tell us that if he was the ceo of merrill and the company lost 11.6 billion dollars that he'd give his entire salary and prior bonuses back...
Thain is right by the way. He brokered a deal with bank of america in TWO days under the watchful eye of the fed AND the treasury department, thereby saving the company. It COULD have been worse. Look at lehman brothers, bear sterns, aig, washmu, enron, tyco... The list goes on. Merrill is the top wealth management firm in the world.
avzeolla 9 months ago
HAHAHA this was a good one
llilium 10 months ago
Evil is good! Why would you expect anything different. Liberalism has a relativity clause for evil, right? There is no evil anymore. Good is evil! Besides we should never kill a murderer? We cannot have guns to take down some sucker who's killin' our neighbor in the alley. Right? Or to defend our sons from gangbangers the COPS protect. They're pushin' their drugs? It's OK! Or to kill when they rape a chick in your gangway? Right? So get used to it. CEO's jus' doin his job. Don't be judgmental.
distressed7 1 year ago
Evil is good! Why would you expect anything different. Liberalism has a relativity clause for evil, right? There is no evil anymore. Right? Besides we should never kick a bully's asse into the gutter? We cannot have guns to take down some sucker who's killin' our neighbor in the alley. Right? Or to defend our sons from gangbangers the COPS protect. They're pushin' their drugs? Right? Or to kill when they rape a chick in your gangway? Right? So get used to it. Evil is archaic,it's all good lib!
distressed7 1 year ago
you cant satisfy GREED !
emforty2 1 year ago
I am operating HOURITSUKEN WORLD.
87365458 1 year ago
To be honest, 10 million bonus sounds very modest compared to some other bonuses the CEOs of bail-out companies have been giving themselves. Many of them make hundreds of millions a year in just bonuses, that is on top of regular pay. That isn't to say he deserved 10 millions, but this story sounds off.
INatalkaI 1 year ago
@INatalkaI motherfucken modest up your cunt. the point is IF YOU LOOSE MONEY as a TOP MAN, YOU don't get nothin' except for a bullet in the head like the old las vegas mob use to say.
a552bcx 9 months ago
Somebody , somebody stand up and stop this theft of my tax dollars. I am disabled/hanicaped but have to pay taxes which goes to these "Lynching" thieves. That gives me more pain as a handicaped American. O'Riely is BS, so is Geraldo, and Glen Beck not covering these tax payments to them as evil from all perspectives most especially mine. Forget Palin's book. My God, Americans like me are realing with this evil driven upon us!!!!!!!!!!!
ShirleyMae69 2 years ago
If they had to get bailed out why do they deserve a bonus? I swear the next company they bail out they should fire at least 1/2 of the CEOs i'm sorry these companies have too many CEOs and you know what? Its their responsibility ot make sure the company doesnt go bankrupt, why should this guy get a 10 million dollar bonus and the rest of the workers who work their asses off (tho im sure he did too) every day get NOTHING..
euroknite 2 years ago
The government is not above contracts. Plain and fucking simple. That's what you fucks get for choosing shitty congressmen that bail out banks.
Shadyhunter04 2 years ago
Shady it does not matter if it was Obama or Mccain. The Fed runs the country and the presidents so no matter what. The same shit would have happened to us.
chadgresham 2 years ago
Then lets get rid of them for good using force.
GunsOfThePhoenix 2 years ago
"you should have epic fail tattooed on your forehead" hahahah
PunkMartyr 2 years ago
ML is the worst place to work for. My wife works at Hopewell Campus- bldg 5. It is THE MOST POLITICAL environment and you need to suck up to survive else you will not. They do not have any damn process and it is the most chaotic environment as I can understand from the weekend calls they have during application rollout etc. They suckup and blame through the call and hang-up.
rupertlitchko 2 years ago
Keep in mind that they are all Jews as well. They have done this for the past 3000 years. No wonder they suffered so bad from time to time.
shasha1873 2 years ago 3
Merrill lynch is the scummiest company in the history of the world. Managers there have zero integrity, they are always at the center of every scam on wall street.
stano99x 2 years ago 3
I'm so sick and tired of these fucking self-righteous, holier-than-thou republicans defending the corporations and their executives. They'll beat the bible the live long day on issues like abortion, gay marriage, and gambling. But on the issue of morality and ethics in the corporate world, the hypocrites defend their executive friends (CONTRIBUTERS) to the bitter end.
bombersB52 2 years ago
why everyone forget them being racist !!!
unelmitchell 2 years ago
It strikes me how uneducated the people who hate bankers are. First of all you need to understand how financial services work. This industry runs on expectations. ML losing 11.67B doesn't mean it is at (11.67B) - it means it underscored the expectations by 11.67B. CEOs get paid these massive amounts to manage the cash flow of the firm, keeping in mind that it is affected by years of prior work. If the contract says he gets a bonus, then he gets a bonus! Get off their backs.
TheMomalek 2 years ago
This is what they should do.. give him the 10M bonus as long as he pays back the company the 11BN lost.. fair enough people deserve rewards but in the financial industry the rewards are high just as the risks and losses are high. So he cannot have it all one way regardless. Besides, If they never received the bailout money they would not be receiving bonuses anyway .. this might explain why people commenting on here are really fcuked off with bankers etc
mrjaywilliams 2 years ago
leave ceo's ALOOONEEEE! snif snif
uterzemson 2 years ago
Welcome to America. Keep investing in the stock market and keep getting raped !
ducatione 2 years ago
Where is our Government? This country is going to the Dogs. I have no faith anymore in this country. This bailout is all a scam to give the rich the last the we have before the democrats take control, but I believe that both parties in it together.
It is all a scam.
bamboorepublic 2 years ago
I get really pissed when I lose a $20.
Mediterraneanblue9 2 years ago
americans are greedy scum.
phsyco348 2 years ago
way to generalise....
will0ughby 2 years ago
meh you can say that but in the end every company is in it for the money and ANY politician can be bribed, regardless whether they are american, european, asian, etc. Its just how human beings are. The rich stay rich and the poor get poorer, its how the world works, then the rich start campaigns and "foundations" to help the poor (and make themselves feel better) but really funnel the money back into their pockets.
euroknite 2 years ago
These bastards rob us till we cant pay them another cent, and then OUR OWN GOVERNMENT lets these thieves take more of our "WORKED FOR" money through our tax system. Just hands it to them and with huge bonuses.......all the while claiming that we the working people are gonna have credit again?????? WHAT????? Credit is what did this to begin with!!!!!!!!!!!I We want justice! JAIL FOR THIEVES......
uhoh38125 2 years ago
This has been flagged as spam show
The CRA helped lower mortgage lending standards, which in turn led to the mortgage crisis, the credit crisis, and the dramatic fall in the housing market subsequent to all those foreclosures.
By threatening lenders with high cost legal action, such as class action lawsuits, in order to force them to abandon their credit standards and get them to extend loans to those victims of society whose credit stinks is responsible for todays mortgage/credit mess.
donottake 2 years ago
This has been flagged as spam show
Worth noting is the fact that Citibank was forced by the settlement agreement to do a substantially increased volume of sub-prime mortgages since the credit of the majority of the plaintiff class was below conventional Fannie/Freddie underwriting standards. Note too that there is no mention of credit scores in the case file.
This is what Obama trumpets as his experience as a civil rights attorney and we are all suffering the consequences of his foray into judicial extortion.
donottake 2 years ago
"He should have EPIC FAIL tatood on his forehead!"
i love that line
eeddssxx 2 years ago
Someone fu*** put that garbage in jail 5/5
yes4me 3 years ago
The govmt should give each family 1 million $. and forget the 700 billion balout for business.
dewzs 3 years ago
JUst in the news they paid out 700 million to employes just before Xmas. ALL A SCAM!!!
dewzs 3 years ago
Ｗｈｏ is he?
porepore883 3 years ago
what's a fucking freaking American system?
kissmaiasssss 3 years ago
I would rip that guy limb from limb if I saw him in real life.
rspkk0 3 years ago
Maybe we need this depression to bring everyone on their knees. How did we ever get to this point....His driver was paid a salary of 200,000 last year! He spent 1 Million redecoration his office!!!!
marizpan22 3 years ago
I'm so sick of this greed. Lets not forget the $87,000 dollar carpet for John Thain for his office. I sure wish they would punish these guys. You can get caught for possession of pot and spend years in prison. but these guys take money and we slap them on the wrist and say "oh, don't do that again." But we can yell and scream, I doubt they will ever get punished.
zero2blur 3 years ago
We can talk about brokers all day, call them losers etc..
who do you think 4 months on, are now investing the Millions/billions of dollars, going to the automotive companies and banking sector..THE SAME PEOPLE, that lost it 4 months ago.. ok they'll make a few examples.. but its business as usual..
ernstproject 3 years ago
For, at root, money, serving as a store of value and medium of exchange, is the lubricant that enables a society to organize itself to achieve progress. The ability to store the fruits of one's labor for future consumption is necessary. The average exchange rate for money against all goods and services, and how it changes over time, plays a profoundly important role in any society, because it influences the nature and scope of our economic and social relationships over time.
PFSI 3 years ago
I've heard people whine about the government's hard work catching those sneaky, self-centered waitresses not claiming tips on their taxes, or going after sleazy welfare cheats who don't claim the money they make picking bottles from the garbage or doing odd jobs.Then I hear about these hard working, law abiding bank ceos getting slammed just for wanting their annual million dollar bonuses at tax payer's expense,just because they shredded the economy with their real estate scams.
Joybuzzard 3 years ago 4
I got audited 10 years ago and had to pay taxes with penalties for $4000 I made giving music lessons to autistic children that i didn't declare. Where is the justice in this system?
pretorious700 3 years ago
Wall Street
Greed Street
...SOBs
ctnblrrngr 3 years ago 3
Going to their house?
mrethrift 3 years ago
TYT is missing one point, THaine came into a sinking ship, which was run into an iceberg by the previous CEO, Stan O'Neal, who was the one steering the company into a iceberg, and ultimately destroyed the company.
krist300 3 years ago
your missing the point
1. he took the job
2. who needs a 10 million bonus i'm pretty sure not that guy
GreenKaya420 3 years ago
1. He took the job to help fix the ship. He fostered the deal with BOA to save Merrill. He did his job well and made the best of a bad situation.
2. Accomplishment merits reward. He made tough decisions that ultimately saved Merrill Lynch. He deserves at the least some kind of reward. Also, don't say his accomplishment is losing billions of dollars, b/c that accomplishment was his predecessor's, not his. It's like blaming Obama for Bush's idiocy.
ViciousZeroEnder 3 years ago
It's the symbolism. We just gave them 700 billion. The people don't want to hear about their million dollar bonuses right now.
dodododa 3 years ago
You probably don't know what bonus means. His "reward" was his salary....
Bonus depends on how health the company is. More profit more bonus. Zero profit zero bonus.
macumbamacumba 3 years ago
I don't give a fuck. He's entitled to nothing with the shit his people have put the economy in. It's time to stop being civilized and get fucking angry at all the bureaucratic bullshit, all the fat oil barons, all the political pandering and condensed/manufactured talking points.
MickieJamesismyslave 3 years ago
funny video lets chat
i cant watch this video pn
JTsteelmen08 3 years ago
I couldn't be more furious about this! It's also Goldman Sachs, too. One of these days, these greedy, unethical SOBs are going to face an angry mob. But I'm just as pissed at our government to doling out the cash with no oversight, no accountability, no nothing. Corporate thieves, cheats and polluters.
NO BONUSES FOR ANYONE WE BAILED OUT. NONE!! THIS IS BULLSHIT!
bapagan 3 years ago 4
Anybody remember that scene in Gangs of New York when rioting mob tore apart the houses of the rich fat cats that fucked up there lives, yeah well you get the idea.
kingsman565 3 years ago 6
wall street should be burned down
ad19821 3 years ago 7
wow 5/5
yes4me 3 years ago 3
This comment has received too many negative votes show
you need to do some more reading, John Thain was hired 1 years ago to fix the Merrill Lynch's financial problem. Merrill's EX CEO MR O'neal was behind the 11 billion dollars loss.
John Thain saved ML by selling itself to Bank of America which also saved many jobs as a result. So I think he deserve something.
samsungomniaorg 3 years ago
No matter what he may or may have not done, does anyone deserve a 10million dollar bonus for doing fuck all.
How about instead of giving it to that jackass give it to the people who actually need it like those who lost their jobs because of ass fucks like him.
AngelusVesica 3 years ago 20
Okay, give him a $25 gift card. Selling your company to another deserves only that.
hamshow 3 years ago 19
One question for you please.What was the drug of your choice today?MORON,GO FUCK WITH YOURSELF
jonybeam 3 years ago
Invest in guillotines!
mundanescribbles 3 years ago
The nerve of some people I swear. Greedy aint the word.
rhythmnsmoke 3 years ago
Thain had reportedly previously asked for a bonus of up to $10 million, which prompted Cuomo to send a strongly worded letter to Merrill's board of directors in which he called Thain's request for a bonus "nothing less than shocking."
He asked for it on Friday 5th and Monday the 8th Cuomo blasted him. So because it became public he withdrew his request. Good for Cuomo for making it public.
babydol012 3 years ago
he already requested that he not receive the bonus. this video has out-of-date news. read a paper, young turks regularly skew the news and are incredibly biased.
familyvideos2 3 years ago
Yeah but still, he asked for it. Probably only withdrew it because of all the crap that he got for it.
Yerizzo 3 years ago
doesnt matter, its the fact that he even asked for it.
kentatm 3 years ago
So for approximately every 1 BILLION dollars lost, you get 1 MILLION dollars in bonus. That is very clear, and absolutely sane. Why is everyone so upset? I swear I'm not being sarcastic. Truly, what is the problem?
Morr6565 3 years ago
If I were Thain, yes, I wouldn't take any bonus. And I agree, the banksters are out of control -- they shouldn't be getting any government money. But the $12bn loss or whatever it was, was happening regardless of Thain. And executive pay shouldn't be scrutinized by anyone but the owners. Let them judge for themselves by voting proxy whether pay is appropriate. What ought to be criticized instead is that the banksters got the people's money in the first place.
cbellison 3 years ago
LOL Epic fail written on his forehead. I loved that.
KidFromNewYork 3 years ago 4
they will probley give it to them....
150133 3 years ago 2
If anyone was actually educated on this issue, you would know that he renounced the bonus on December 8, 1 day before this video was even made.
Thugpatrol 3 years ago
So? The fact that he still felt entitled to the bonus in the first place, and what this says about the mindset of CEO's in today's corporate climate, is the point. If enough people held him up to ridicule and he withdraw the bonus request, that's fine, but it doesn't change the big picture.
juggler64 3 years ago 2
the board of directors need to be shot!!! they are the problem the pay out the salaries and sell out the share holders
fsem10 3 years ago
heres a bonus, take a .45 and blow your brains out
crowdaddy13 3 years ago 4
Where is the national outrage? What has happened to our economic system? Capitalism is about competition and rewarding the most successful. When companies start rewarding abject failure the same as they reward success this is no longer capitalism. This is Cronyism. This is corruption. And this is how our government and our corporations are run. Has even 1 CEO suffered from the staggering failures of these companies?
doctender77 3 years ago 5
Okay, let me get this right:
I'm head of the company & managing it & it loses $11 billion dollars.
I had the company performiing so badly I go to the Fed Govt for billions to keep it going.
And then I award myself $10 million -- coming out of the Fed bail-out.
Is that how it works?
DillonX 3 years ago
watch IOUSA on youtube. you'll shit your pants.
jnycnuk 3 years ago
And your surprised? HELLO!!!WTF? Fire them all! Anyone else who runs their business into the ground goes under, what makes them so special! I say let them all fail, and rebuild from the bottom up, obviously they are doing something wrong. File bandrupcy, get rid of the RIP OFF UNIONS! Why the FUCK are they paying janitors $100Kyr+benefits+retirement+insurance+vacations+a lot more!???? TO PUSH A FUCKIN BROOM!!!???WTF is this country coming too? IMO, you push a fucking broom for $10hr TOPS!
civicguru 3 years ago
VOTE BNP.JAIL THE BANKERS
britonstandup 3 years ago
Hopefully, the bailouts don't go to other struggling industries, like liberal talk media.
stneme 3 years ago
Not only should these turkeys not get bonuses, they should be forced to repay the 'bonuses' they paid themselves for the last several years.
Plus interest.
forgetititititit 3 years ago 5
Where is the Board of Directors in this? They're the ones that should be calling for the CEO's dismissal!
Speaking of the BOD, American taxpayers pay 4 times in salary taxes than Corporations do, but Corporate America is worth $50 tril while the people are worth less than $5 tril. We should be on the board of directors for our congress and house of reps. This bailout is a joke! How did we get so screwed?
therealcaptobvious 3 years ago 3
If they give him the money, the government should require they the CEO and the board be replaced or no bailout money.
R46W 3 years ago 4
amazed at your naivety.. god bless u young turks
timadev 3 years ago
This comment has received too many negative votes show
young turks are the worst communicators on the planet. Sounds like the AV dept. in high school lost their way. He looks like the average host at a Mid-town tourist rest. in Manhattan.
larchmont08 3 years ago
Give them a free hamburger.
qanazir 3 years ago
There were news clips circulating with the Gov boycotting BOA in a speech after those workers had a sit in at the window factory that had to close because BOA pulled their credit line. Now that I find out more it is possible the Gov was guilty of wrong doing (like most politicians), but I like the guy for the stand he took against BOA and the Banksters that are behind them. These global elitist banksters think they are untouchable, but they are goin down.
DontTread0nMe1776 3 years ago
What is it with Cenk hesitating and not swearing anymore? I guarantee you nobody watches TYT that's under 14, so what's the big deal? You used to curse a plenty, so what caused the change? Did the owners of TYT decide to crack down on it or something?
DEWMASTER25 3 years ago
If he gets the bonus, I hope Keith Olberman has his ass for breakfest.
ItzMeRon 3 years ago 2
We need to erect a row of guillotines on Wall Street and run these CEOs through the chopping machine.
Richardgwm 3 years ago 3
youngturks forever
goonsmile 3 years ago 3
The biggest welfare scam of any kind!
Swordsquire 3 years ago 5
bone us
canelillard 3 years ago
Tattoo EPIC FAIL ON HIS FOREHEAD!!!! IM coming to their HOUSE. LOL
j729jkk 3 years ago 3
the dollar is going to go so low that it'll be more economical to wipe your ass with dollars instead of toilet paper
TheFlex21 3 years ago 2
People if you want to conserve your wealth - buy gold and silver!
rh7onda7 3 years ago
That guy should have been beat into an inch of his life after asking a question like that.
PoopyPaul 3 years ago 4
Gawd these greedy bastards really piss me off. My retirement fund is suffering and these guys are crying over million dollar raises.
yuukisama2001 3 years ago 4
EPIC FAIL lol
imaginarynumber 3 years ago
That's being a tad greedy, I would have settled for a gift card or something.
P0cketLove 3 years ago 2
I would have settled with not being killed.
GnosticAtheist 3 years ago
Cenk you're cracking me up!!! Come again; 0:17is the funniest part of the video!!! You're right he should be fired!!!
scj816 3 years ago 4
Bonus for ultimate failure? WTF?
lornloxor 3 years ago 2
They BEYOND don't get it. This is a perfect example of white entitlement. This mofo actually feels that he DESERVES that bonus. Why didn't Congress cuss this mofo out. And I'm sure Bush will make sure he gets a "performance allowance" instead of a bonus. The Bastards.
cyoohoos 3 years ago 2
exactly. that's wtf is up!!!
u2b408 3 years ago
Bring it to there doorstep CENK!
Blac13 3 years ago
get'em cenk, get'em
konohahurricane07 3 years ago 2
This comment has received too many negative votes show
Would be nice to see REAL news clips here, but TYT seems to think Youtube is a place to SPAM with there useless videos. Nobody cares what you have to say TYT! Maybe you should be on FOX news, so nobody will watch you there also....kinda like your website. Just go away Idiots!!
SharkDude1 3 years ago
A guy with FOUR subs actually said this? What a retard.
jason666king 3 years ago 2
So why are you here?
TheCreativeContinuum 3 years ago 2
TYT isn't news you dumbass. It's a talk show about politics and entertainment. If you don't like it, don't watch it. Go back to sucking on Rush's baby dick. Just go away dumbass.
jstutz2003 3 years ago 2
"Just go away Idiots!!"
There's a workaround. Just unsubscribe and stop watching TYT videos. Is that so hard? I realize not everyone can agree with what a person says in a video, but that's why you discuss the CONTENT of videos. Not liking the videos itself means you sould just stop following a channel.
itreius 3 years ago 2
Then why do you watch...oh that's right because you are an internet troll that has no life and you want to try to stir the pot to make yourself feel like someone actually notices you a might even like you. Poor baby.
kwatson813 3 years ago
always be closing.
Jackthemeat 3 years ago
i wish my balls were that big.
korprayer 3 years ago
they should've just lrt them go..
JerkyChid 3 years ago
amen
levimon 3 years ago
EPIC FAIL on his forehead!
11thsockpuppet 3 years ago 4
Us ceos are blood suckers and don have a clue how 2 manage a company.
rezzertr 3 years ago 4
"Us ceos are blood suckers and don have a clue how 2 manage a company"
I don't really know if they do or they don't but I am DAMN sure they don't know how real people live.
prodigyat9 3 years ago 2
This country and its freedoms are the root of all this money stealing. I am an american 100 percent and would die for my country but we are letting people rob us blind. There has to be reform thru the SEC for public traded companies. Privately held can do what they wish. These bailouts are just insurance policies for the rich. Greed is a killer and it will continue if someone does step in and stop it now.
tomman61 3 years ago 3
Politicians in general need to be sent away from humans..Ass wipes are so fucking ugly subhumans ,,they give Narcotic abusers a bad name
saltynutz4u 3 years ago 3
he's gonna get it obama is spreading the wealth
aquafishsoup 3 years ago
No, no, no.. You´re thinkin´´bout the guys who´s been runnin´ things the past eight years!
(They´re all about spreadin´tha wealth
to the rich!)
Obama actually has the Oposite! Idea!
Maybe you should look into that?!
You know, educate yourself?
U2bZWatchMan 3 years ago
who you think elected bush as president??? he didn't fall out from the sky he didn't pass through a membrane from another realitly no no no no he came from an american family went to american schools and universities and elected through american citizens if you have selfish ingorant citizen you get selfish ignorant leaders congress has failed you what have you done? nothing now if you can't understand this logic you're very patrioactic
aquafishsoup 3 years ago
i agree ultimately it is sort of the citizens fault i think that it is funny when people say congress is at fault when the president could have easily vetoed many of the deregulation bills that went through that goes for both bush and clinton because there was one deregulation bill clinton passed we got obama elected now lets hold him to his word
deadly105 3 years ago
Well we gave them 700 Billion for being a loser, what do you mean you don't get money. I think you are the one that isn't understanding the way things are now. Considering what's been happening it seems perfectly fine, and I mean look at the outcomes worst case scenarion you don't get it, best case you get 10 million.
timg455 3 years ago
bet he gets it though
boundless1986 3 years ago
Grandpa Cenk, dude, you're gonna have an aneurism. Lol, that was hilarious!
donerlich 3 years ago 3
I haven't laughed that hard in awhile!
Krumbz2003 3 years ago
keep spreading the light Cenk!
christopherisin 3 years ago
Doesn't everyone realize Bush is still President and that the billions in bail-out money will be going to the top 5%?
DillonX 3 years ago 2
don't you mean .01%
spits32 3 years ago
"You should have 'epic fail' tattoed on your forehead."
omgwtfIcan'tstopjizzingsomeonepleasecalladoc!
YawnGod 3 years ago
I would have told him to go to hell.
LastOptionPils 3 years ago 4
lol you took the word outta my mouth.
dralavant 3 years ago
You're welcome.
LastOptionPils 3 years ago
It's been this way since Reagan.
The wealthiest and powerful in society are rewarded regardless of success or failure.
Sad. Obama has the power and means to change this.
MeritisDE 3 years ago 2
summammabitch!
mikezephyr 3 years ago
You people just don't understand high finance. You see if M.L. LOST 11 billion dollars that means someone else FOUND 11 billion dollars. Now when the guy who found the 11 billion goes out and spends it the economy will be helped so really Thain did a good thing so he deserves the 10 million dollars. Simple.
prodigyat9 3 years ago
I hope to satan that was an attempt at sarcasm. I refuse to believe anyone can be THAT stupid...
me213516 3 years ago
"I refuse to believe anyone can be THAT stupid."
You can believe; just work at it a bit.
prodigyat9 3 years ago
Wow, you're not even good at trolling.
I said I refuse to believe, not that I couldn't. In light of your second response, I now have no problem believing you're that stupid.
me213516 3 years ago
"Wow, you're not even good at trolling."
And yet, you are so much smarter than me you keep answering.
prodigyat9 3 years ago
My only point is how come they ask for such a big number. One million is still big, but it could slide withouth a fuss, but 10x that is just wow.
kefkahkefkah 3 years ago
"My only point is how come they ask for such a big number."
I think it is because greedy pricks like these don't even know how to think in smaller numbers any more. They figure a million hardly buys anything these days.
prodigyat9 3 years ago
"No longer available"?!? WTF?
LaughingManRa 3 years ago
The current CEO (John Thain) came on board on Dec-2007 after all of the damage had been done. The next month (Jan-08), ML writes down over $9B. The damage was done by the previous CEO (O'Neil) who left in Nov '07 with a $161M golden parachute. Thain thinks he deserves the $10M because he stoped the bleeding and brokered the merger with BofA. He still does not deserve it.
nico3641 3 years ago
A friend of mine just came up $180 short on his register, and, even though other clerks were using, it he got fired. Immediately.
The thing is, he gets it. He screwed up by not signing out of the register when he went out on the floor.
These CEOs don't get it. They have no accountability. Carly Fiorina got paid over $40 million dollars to get fired, after nearly driving HP into the ground and costing thousands of American jobs.
You can fire me every day and twice on Fridays at $43 mil a pop.
47f0 3 years ago
This makes me cry... where's the 10 million coming from? The tooth fairy?
keyboardviolation 3 years ago
BRILLIANT!!
paulkielsmithdotcom 3 years ago
honestly, he's gonna claim that he should get the bonus because he stuck with Merrill Lynch through the whole thing...*spoilers* he might get it. :(
brimike3 3 years ago
WHAT ELSE IS A BAILOUT FOR BUT TO PAY THE SEMI RICH AND ROB FROM THE SEMI POOR?!
jeez the nerve of this guy. LOL
brimike3 3 years ago
I watch CEO's on tv and the amount of money they recieve as a bonus at the end of the year is enough to rebuild EVERYTHING broken or damaged in the a stateO_o. I mean why should ANYONE reward someone for failing at a job they are SUPPOSE TO KNOW. That's like picking the kid that fails at everything in school ( and there were those i had n my class in high school) and putting him in the national honors society DX! If i was his boss i would TAKE HIS Paycheck to payback the debt and then some!
PharaohessSetsume 3 years ago 2
This whole economy thing is the fault of BOTH PARTIES! And the CEO's that are use to getting "Welfare" aren't helping the economy any either. I mean this is what happends when the government deregulate so much that a capitalstic government ultimately fails because NO ONE budges anything anymore. These people NEED a budge just like how we middle class watch what we spend. No way in hell would I EVER be 11 billion dollars in debt!
PharaohessSetsume 3 years ago
WORD!
loverofbeats 3 years ago
C'mon Cenk!! Does this really surprise you? It doesn't surprise me at all in the least. I'd expect that type of shit from these big wig fuckers!
seventhstar 3 years ago
lmao
Emil246 3 years ago
who the fuck is Merril Lynch?
WKaliber1 3 years ago
If anyone agrees to giving him this bonus then everyone involved should be fired before any transactions can happen.
TokyoNiGHTS1 3 years ago
when will it be enough?
NO
achampag 3 years ago
Lynch better not get that bonus! That's frickin' ludicrous!
TheNeocatZone 3 years ago
wt...F?? incomprehensible.....
beccahday 3 years ago
This guy is outrageous! Fire his ass. He's asking for OUR MONEY! No way. It's tough enough to pay the bills.
wildheart5 3 years ago
give them the money. they're keeping some big secrets.
give them the money. if they can ask for the money in public one day and something happens to them the next, other CEOs will see that the trust has been broken. give them the money.
anthonyfoxtrott 3 years ago
what the fuck?
Thrashaero 3 years ago
hes got big cojones
Emil246 3 years ago
look... the police need to stop with the gangsters and arrest the banksters
oh and the CEOs need to be thrown in jail
Unekwu89 3 years ago
I wish I got bonuses for crap work
ccm800 3 years ago
Good lord. Just take these fuckers out back and shoot them.
sonyavsystem 3 years ago 3
corporations dont care about america or their workers.
fjackson90 3 years ago
"You should have EPIC FAIL tattooed on your forehead" - ahahha, lol...
ARom101 3 years ago 4
I like how he deserves "Epic Fail" on his forehead
lmao
Schloonktapooxis 3 years ago