It has not been a great year for Merrill Lynch with New York State Attorney General Andrew Cuomo moving to sue the firm for allegedly misleading investors over auction rate securities. Things are so desperate that Merrill Lynch is now relying on sovereign wealth funds to bail it out of the financial mess that it created.

So what do we make then of news reports showing that Merrill Lynch's John Thain is the second-highest paid chief executive officer at $83.1 million. Enough money to ease his pain. Pity investors haven't enjoyed the same level of comfort.