Top Firm CEO Paid $789,000 Per Day Bonus In 2007
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To be fair to Thain, though, the bonus in the main represented the buy-out of the bonus and stock he would have picked up in 2007 as boss over at The New York Stock Exchange, a position he quit to become Merrill chief. No other firm senior executive received a cash bonus for 2007.
The Wall Street Journal reports that Bank of New York Mellon CEO Robert Kelly bagged a $20.7m pay pack in 2007, which included his $975,000 base salary and a $7.5m cash bonus.
The newspaper also reports that Bear Stearns chairman Jimmy Cayne was off playing bridge in the North American Bridge Championship in Detroit late last week - right at the time his firm was imploding. The sharp decline is Bear's shares last week is said to be cost Cayne paper losses of some $200m. Ouch! Also suffering is Billionaire investor Joe Lewis who is said to have lost over $700m on his Bear investment since buying into the firm last year.
