Miracle on Wall Street
posted: January 24, 2009
A reprehensible miracle occurred on December 29th when John Thain, top dog at Merrill Lynch, conjured up $4 billion in bonuses for all his little elves. It was their reward for leading the powerful brokerage to the brink of bankruptcy: the company had lost more than $27 billion last year. Thain made sure his busy little helpers got their due by rushing the bonuses through a few days before he turned the company over to Bank of America.

The government (that's us) has guaranteed almost $100 billion in losses on Bank of America's bad assets -- most of them coming from Merrill Lynch.

Read the story here.