What do you think?
All of America now can rest easy: Merrill Lynch chief John Thain won’t get his $10 million bonus after all, having succumbed to browbeating calls for fiscal restraint.
Upside: Maybe we can avoid another round of outrage from Congressmen and other whiners who are shocked—shocked!—that anyone on Wall Street could get paid so handsomely, much less actually deserve it.
Downside: Thain gets screwed out of what rightfully was his, for he did deserve a bonus, for myriad reasons. Same goes, arguably, for Morgan Stanley chief John Mack and the seven senior execs at Goldman Sachs, all of whom will forgo any year-end payout. Worse, this whole kerfuffle may embolden the self-righteous, sanctimonious mob that now decries wealth creation and the profit motive. Where were all these populist prudes when the stock market was rising 63% from 2003 through October 2007? Answer: They were fat and happy and counting their money.



