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Drudge banners: "IOU" and links to this LA Times story on the budget crisis in California. And the U.S. says North Korea does not appear to be readying a missile launch in this Bloomberg story is also highlighed on Drudge. ... READ MORE

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Rep. Robert Wexler (D-Fla.) appeared to open the door to the Obama administration making more demands Israel in the peace process while in the country, writes Paul. And new polling shows that support for Supreme Court nominee Sonia Sotomayor is ... READ MORE

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December 8, 2008

Reid Slams Merrill CEO's 'Chutzpah' For Seeking Bonus

@ 2:35 pm by Walter Alarkon

Senate Majority Leader Harry Reid (D-Nev.) chastised Merrill Lynch Chairman and CEO John Thain for reportedly seeking a $10 million bonus.

Reid noted that the troubled investment bank has received $10 billion from taxpayers as part of the federal market bailout, officially known as the Troubled Asset Relief Program (TARP). Without naming Thain, Reid criticized him and called on Merrill Lynch's directors to deny his request for a bonus.

Read Reid's full statement below.

"The TARP program, from which Merrill Lynch has taken billions of taxpayer dollars, was designed explicitly to limit executive compensation, bonuses and golden parachutes. While American families struggle to keep their jobs and their homes, I question the chutzpah of asking for a $10 million taxpayer-subsidized bonus. Americans deciding which bills to pay this month just to make ends meet do not want their hard-earned money even indirectly spent rewarding executives from banks that are largely responsible for the economic crisis. I sincerely hope that Merrill Lynch rejects this request."

10 Comments »

The Hill welcomes comment from anyone and will almost always post it whether it is favorable or critical, as long as it is substantive and advances debate.
  1. For the first time EVER, I agree with Dirty Harry.

    Comment by Nobama — December 8, 2008 @ 2:44 pm

  2. Perhaps Reid should also be concerned about what Merrill reportedly pays Harold Ford Jr. for whatever he does there, besides appearing on MSNBC.

    Comment by John Deloge — December 8, 2008 @ 2:54 pm

  3. It just goes to show you that these people have no Regards to the Average Taxpayer in this Country!
    Makes one wonder who is REALLY looking out for us?

    Comment by Doug Russell — December 8, 2008 @ 3:00 pm

  4. What does Reid mean when he says 'he sincerely hopes that Merril Lynch refuses his request…

    hopes? our taxpayer money and Reid, the SML, hopes Merril Lynch does not give a $10 Million bonuse to a failed company…

    who the hell is minding the store and truly watching out for us, the taxpayers?

    there should be no 'hope' involved…it should be flat out NO…ABSOLUTELY NOT…NO $10 MILLION DOLLAR BONUS…go find a job like the rest of us…

    Comment by S — December 8, 2008 @ 3:31 pm

  5. I'll take just a $5 million bonus please and I didn't get a bailout.

    Comment by Leslie — December 8, 2008 @ 3:51 pm

  6. Don't these CEO's have enough money?

    Remember the Chinese guy who sold the lead paint to the toy manufacturers? He hung himself for his transgression– For toys! These CEO's wreck the country and want bonuses? Where is their honor? Where is there shame? No way! Several of them need to hang themselves for all the human misery they have caused this country.

    Comment by Dr. Hook — December 8, 2008 @ 4:45 pm

  7. Any of these CEO's, including the Big 3 Auto guys, who want more public money, after financially raping us for years need to be publicly tar and feathered before they are given one cent of taxpayer money. They must be taught humility and understand that public sympathy and bailouts come at great cost.

    Comment by Dr. Hook — December 8, 2008 @ 4:48 pm

  8. Here's a link to a holiday song about the bailout. On the seventh day of bailouts…

    http://www.youtube.com/watch?v=55xJnIqq9ZI

    Comment by ZP — December 8, 2008 @ 5:32 pm

  9. I think it,,s time to shut down Washington and just let each state take care of their own business.What has the Federal Gov,t done for us that,s been good for us?
    The bunch of clowns sit there and ridicule the business leaders and meanwhile all the Gov,t agencies that are supposed to look after the taxpayers interest have been asleep on the job.
    People like Reid,Pelosi and Dodd should be ashamed of themselves.

    Comment by Terry Gee — December 8, 2008 @ 10:19 pm

  10. WE need to go back to hanging people like they did in the 1800's or better yet, form 2 lines that stretch from one of end of this country to the other end, and make those FAT CAT CEO'S run the guantlet. American people losing their homes, their jobs, can't afford to eat, or pay their medical bills, and those fat cats want to get richer after what they have done ? I say beat the heck out of them, or hang them. !!!

    Comment by Michelle — February 5, 2009 @ 12:25 pm

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