Reid Slams Merrill CEO’s ‘Chutzpah’ For Seeking Bonus

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.”