Network newscasts last night all ignored WSJ's scoop about monstrous Merrill Lynch pay bonuses
Blog ››› ››› ERIC BOEHLERT
Not a word Wednesday night from ABC, CBS or NBC about the Journal's big A1 story yesterday:
As bad as 2008 was for Merrill Lynch & Co., it was very good for Andrea Orcel, the firm's top investment banker. Although Merrill's net loss ballooned to $27.6 billion last year, Mr. Orcel, 45 years old, was paid $33.8 million in cash and stock, just shy of his pay in 2007.
The networks have all recently reported on the pay of middle class autoworkers while the Big Three looked for a government bailout. But the nets didn't care about the fact that Merrill Lynch, which has benefited from taxpayer support (indirectly via TARP funds), lost $27 billion last year yet nearly 150 employees were paid more than $3 million. Or that:
Thomas Montag, the head of global sales and trading at Merrill, made $39.4 million in 2008, even though his first day on the job was in August.
Nope, nothing to see here, folks.