Thain’s bonus: best of a bad job

Merrill Lynch boss John Thain’s sale of his company to Bank of America was the smartest move by any besieged financial boss at the peak of the crisis. That and other actions he took make him one of only a few Wall Street bosses who deserve a bonus this year. It should be structured as a model for future banker compensation. Of course, Merrill directors could baulk at giving Thain any bonus at all. The investment bank lost $12bn of shareholders’ money and is being swallowed up by BofA, ending ne...