Bonuses were determined based upon the performance and the retention of people, and there is nothing that happened in the world or the economy that would make you say that those were not the right thing to do for the retention and the reward of the people who were performing,” Thain said, according to the transcript.
Can you believe this asshole? There was nothing, absolutely nothing, going on that would make it a bad thing for him to approve $3.6 billion in bonuses, funded by bailout money, right before declaring a $15 billion loss.
Four of those people got a combined $121 million. 696 people got at least one million each.