First, let me say running Merrill Lynch is difficult work and a stressful life, I am sure. Second, let me say working in a coal mine for a 10 hour shift sure isn't easy either. Third, I do realize the 2 Goldman Sachs executives Thain recruited gave up lucrative pay packages at Goldman to come to Merrill so you have to understand that when you read these numbers. But in the "heads I win, tails I win" culture of executive payouts these are some staggering numbers nonetheless.

Keep in mind Thain has been at Merrill for under a year. And his associates have been well under a year. In fact, Thomas Montag joined Merrill on August 4th. For his 6 weeks of hard work he is looking at a payday of $76 million. Peter Kraus joined Merrill last week and looks to make $95 million. That's good work for one week. (again it is replacing his Goldman package but it truly is jaw dropping if you think about it) This is why I don't harbor any ill will to athletes - what most of them make is nothing compared to what the top cheese in corporate America is. Stock goes down 60%? Not a problem - the payout is the same.

At least we are not paying the bill for this one...

• Merrill Lynch & Co. Chief Executive Officer John Thain and two former Goldman Sachs Group Inc. colleagues he recruited may reap almost $200 million for their year running Merrill if they leave or are given lesser roles after Bank of America Corp. buys the brokerage.
• Thain, who got a $15 million bonus when hired in December, stands to get an additional $11 million in accelerated stock payouts if he doesn't stay after the deal, compensation consultant Graef Crystal said.
  
• Trading chief Thomas Montag, who joined in August, may get $76 million including bonus and accelerated awards.
  
• Strategy head Peter Kraus was given $95 million including bonus and stock awards to replace a Goldman package he had to forfeit, people familiar with the matter said.
• Merrill's stock returned more than 13 percent a year from 2000 through 2006. Since Dec. 1 of last year, Thain's first day, the shares have fallen more than 60 percent Thain earned the moniker ``Mr. Fixit'' for his stewardship of the New York Stock Exchange for four years beginning in January 2004. Before that, he was president and chief operating officer at New York-based Goldman, where he served under then- CEO Henry Paulson. Now U.S. Treasury secretary, Paulson helped to lead a weekend of discussions during which Bank of America initially weighed a bid for Lehman. (remember this is Goldman Sachs world - we just live in it)
• ``I doubt Thain understood the magnitude of risk and exposure on Merrill's balance sheet,'' Bove said.