Less than one month into his new gig at the Bank of America, Merrill Lynch CEO John Thain resigned today after it was revealed that he doled out executive bonuses a month ahead of schedule and just days before his struggling Merrill Lynch firm was acquired by the BofA. Full Story »
Posted by Michael Bugeja
the information in this piece appears to demonstrate why many people are angry about so much tax money given to the financial outlets. no mention is made of this aspect of the story. there's no analysis here to determine, for example, did he 'resign' because of how this money was spent or based upon what happened to the company during the year he was ceo?
ABC's investigative team compiled this report about corporate greed at taxpayer expense, documenting the resignation of Bank of America and Merrill Lynch CEO John Thain who gave $4 million bonuses--to executives who trashed their company--before word of losses were reported publically. Bank of America got $25 billion in taxpayer funds. Worse, Thain spent $1.2 million redecorating his office with furniture that included a $1400 trash can--a symbol of the banking industry we're bailing out.
Brian Ross's team neglects to report the platinum parachute Thain might have received. His Merrill Lynch predecessor, Peter Kraus, got $35 million and used it to purchase a $37 million Park Avenue suite. Thain needs to be investigated for ethics violations, and Bank of America needs to return the taxpayer money that went to executives and executive suites.
Thain splurged on interior designs from the Obama’s chosen White House decorator Michael Smith ($800,000), two area rugs ($131,000), two guest chairs ($87,000), a ... More »
Breath-taking "gotcha" on Merrill Lynch CEO John Thain, who appears to have a loose grasp of the concepts of "fiduciary responsibility."
It seems a pity that we've gotten away from the good old tradition of public stocks: the kind where miscreants were bound hand and foot and head in a wooden clamp in the public square, to be taunted and pummeled by passers-by. Or a pillory would do.
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