John Thain won’t be getting any bonus this year.
You can already hear the spin from his people who are obviously talking to CNBC’s Maria Bartiromo. She says her sources say that Thain asked the board to give him no bonus this year. She went on to say the sources say earlier reports of requests for $10 million–or even $40 million–were incorrect.
The Wall Street Journal, however, is sticking to its guns. It has written that Thain is “under fire for suggesting a multi-million dollar bonus.” Now he will “decline to take any bonus this year.”
We suspect that, in reality, it became clear that the board wouldn’t grant Thain a huge bonus this year. Thain, being a practical man, simply backed off his earlier proposal. No use publicly fighting with a board over a bonus. In exchange, the board probably tacitly agreed to go along with the story that Thain never formally requested the millions.