Thain seeking 2008 bonus of $10 million

Merrill Lynch & Co Chief Executive John Thain has suggested to directors that he get a 2008 bonus of as much as $10 million, but the battered company's compensation committee is resisting his request of such a kind and from the information got from the company is said that they are not in a state to accept his request.Thain, who became Merrill's chief executive after losses in mortgage-related investments led to the October 2007 ouster of Stanley O'Neal, has also run NYSE Euronext, after a long career at Goldman.

US govt buys $159bn worth shares

The US government, under its USD 700-billion bailout plan, has purchased shares in 30 American banks for a total of over USD 150 billion, half of which have gone into Citigroup, JPMorgan Chase and Wells Fargo.According to the latest report of the Capital Purchase Program, the US Treasury Department has purchased preferred stocks worth USD 25 billion each in Citigroup, JPMorgan Chase and Wells Fargo - three of the biggest banks hit by the worsening financial turmoil.The government spent USD 158.56 billion for purchasing shares in the 30 banks, which included Bank of America getting USD 15 billion, while Goldman Sachs, Morgan Stanley and Merrill Lynch got USD 10 billion each.