John Thain: $10 Million Man?

Merrill Lynch CEO John Thain is reportedly asking for a $10 million bonus.

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The Wall Street Journal is reporting Merrill Lynch CEO John Thain has suggested to the firm's board that he be granted a bonus between $5 million and $10 million "because he helped avert what could have been a much larger crisis at the firm, say people familiar with his thinking."

While Merrill has lost more than $11 billion this year, Thain's move to sell the firm to Bank of America "likely salvaged billions of dollars for shareholders and saved a huge number of jobs at the firm," the newspaper reports.

Dealbook is reporting that New York Attorney General Andrew Cuomo has written the board asking that they refuse Thain's request. 

Portfolio's Felix Salmon says Thain should volunteer to forego any bonus, or pass out the $10 million to support staff who lost their jobs at the firm this year.

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