Under a wave of criticism, Merrill Lynch CEO John Thain today gave up asking for a $5-to-$10 million bonus, the Wall Street Journal reports. New York Attorney General Andrew Cuomo called the request "nothing less than shocking" during an "abysmal year" in which Merrill lost $11 billion. Thain had argued that he deserved the bonus for steering Merrill into Bank of America ownership 3 months ago.
Four other top Merrill executives decided today not to ask their compensation board for year-end checks, after executives at Morgan Stanley, Goldman Sachs, and other firms lost their bonuses.
(More John Thain stories.)