Wall Street executives don't get to where they are with small egos, but this is beyond the pale: John Thain, the CEO of Merrill Lynch, has requested a bonus of as much as $10 million, claiming that his leadership helped the bank to avoid a much larger crisis. Merrill, mind you, was taken over by Bank of America amid concerns that, once Lehman Brothers failed, it would shortly follow. Shareholders approved Merrill's merger with Bank of America on Friday. Merrill's compensation committee has not yet reached a decision on Thain's bonus, but is leaning toward denying him and other executives bonuses this year, according to sources close with the proceedings.
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