In my previous two posts I commented on how John Thain and Merrill Lynch will benefit from the Bank Of America acquisition of Merrill Lynch. If your heart is not broken after learning how the Merrill Lynch shareholders are being duped and stolen from by the board of directors, and the employees are being treated like the dirt under John Thain’s shoes, then let me try again.
I received a Google alert yesterday with a story concerning the layoffs that are about to occur at Merrill Lynch, on the heels of Bank Of America purchasing Merrill Lynch for 50 billion dollars. Bank Of America received the money to acquire Merrill Lynch from the government bailout plan. This money as you know will come from the taxpayers.
Merrill Lynch is expected to layoff 10,000 employees in an upcoming round of layoffs. Merrill recently laid off 500 employees in sales and trading positions.
I remain mesmerized as to how BOA, Merrill Lynch and the U.S. Government can allow John Thain to receive a 5.2 million dollar bonus if this deal goes through. 10,000 employees will eventually lose their jobs and the shareholders have lost over 70 percent of the value of their investment. This deal is very unsettling to say the least.
http://economictimes.indiatimes.com/PDAET/pdaarticleshow/3630248.cms
Tags: bailout, bank of america, boa, business, economics, governent, john thain, layoffs, merril lynch, stocks, taxes, taxpayers, wall street
