Tuesday, December 9, 2008

Thain and the Gravy Train

BAC share prices has lagged JPM since its "Merrill weekend"...

The Merrill Board, who haven't missed a full dividend payment throughout the entire Merrill saga, are wimps for not giving Thain his due. He should have gotten "Grasso money", afterall. He got BAC to overpay by maybe $15/shr (if not more). If Thain recovered 2.5% of that in compensation, it would be $600 million.

The Merrill Board should have paid him, just to send a reinforcing message to Lewis how things are done downtown, right?

Meanwhile, the real question is how much CEO Lewis is going to get this year (and next), eh? Have a look at how he's arguably trashed his shareholders, in the chart above, by bending too far to scoop up toxins... while keeping an eye on how much the top-heavy riches of Merrill's magically endless sugar plums will come his way?

Someone (Nassim Taleb?) forgot to tell him the gold is cursed, maybe...

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