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Thain Resigns Amid Losses at Bank of America
Keywords:
Tags: Banks / Insurance,
Siome things that emerge from this report are that Thain spent some $1.2 million in redecorating his office after Bank of America acquired Merrill Lynch. This was after the near demise of Merrill from taking excessive risks. Sources also say Thain asked for a $30 million to $40 million bonus which was not approved. A few days before the Merrill deal was finally concluded on January 1, under stressful circumstances because of Merrill's huge impending losses, Thain issued bonuses of millions of dollars to Merrill executives. See the links to Merrill for the pattern of giving bonuses worth 100 times the salary to Merrill executives under a former CEO of Merrill Lynch in 2006 and 2007.
The Bank of America-Merrill Lynch Deal, a disaster in the making.
09/15/2008
The disaster that the acquisition of Merrill is turning out to be for Kenneth Lewis and Bank of America.
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Pain of Thain Falls Mainly on Merrill
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Thain Resigns Amid Losses at Bank of America
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Merrill Lynch to Pay $315 Million to Settle Mortgage-Loans Lawsuit
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Merrill Bristles as BofA Toils On
Wall Street Journal 11/16/2011
For Bank of America More Trouble from Merrill Lynch Merger
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For Bank of America, the Pressure Mounts Over Merrill Deal
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