Thain and his top lieutenants have attempted to cloak themselves with the notion that they themselves didn't benefit. But they tried to buy the loyalty of the thousands on Wall Street who have become hooked on year-end bonuses to stay with their firms. Well guess what, with what's going on in Wall Street, simply doing your job properly ought to insure that loyalty, and let's face it: Wall Street is BROKEN possibly forever.
Merrill Lynch lost billions of dollars in 2008 and hurt innumerable small-fry. The fact that they have triggered massive billions in bonuses should be investigated, and frankly, if this money can be recaptured via the doctrine of fraudulent conveyance, it should be.
Then we throw all these scheming bastards in jail and let them rot.
We'll see what happens...but that's my view.
And I will go toe-to-toe with anyone who disputes me on this. If I had done a similar thing at one of our small companies, my butt would be hanging by a rope.
Here's a recent update on these issues: