MSNBC: Former Merrill Lynch chief executive John Thain will resign from Bank of America, effective immediately.
Earlier, Bank of America’s shares fell sharply after a report that executives are meeting to discuss Thain’s future with the company.
A report on CNBC followed news that Merrill, which was about to report a $15.45 billion fourth-quarter loss, decided to move up its year-end bonuses, doling out cash just days before it was officially acquired by Bank of America on Jan. 1.
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CNBC has also learned that Thain spent $1.22 million redesigning his office — including $35,115 for a "commode on legs" — when he became CEO of Merrill Lynch a year ago. Thain also paid his driver $230,000 for one years work, which included the driver's $85,000 salary and bonus of $18,000, and another $128,000 in over-time pay, documents show. Drivers of top executives are often paid about half that amount.
Such expenses would have followed $12.2 billion of net losses at Merrill in the second half of 2007 as writedowns on mortgages and other toxic debt began to mount. Thain became chief executive in December 2007.
Showing posts with label thain fired. Show all posts
Showing posts with label thain fired. Show all posts
Thursday, January 22, 2009
Greedy Banker John Thain Who Used a Toilet on Legs Resigns
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