Justice: Banker who lobbied for bonus while his bank lost billions is ousted

[Kestastrophe]

http://online.wsj.com/article/SB123264086337406473.html?mod=testMod

Just three weeks after completing the Merrill acquisition, Bank of America Chairman and Chief Executive Kenneth Lewis asked the 53-year-old Mr. Thain to resign during a meeting at the former Merrill chief's office in lower Manhattan. Mr. Lewis was angry about the way Mr. Thain handled unexpectedly big fourth-quarter losses at Merrill.

Mr. Thain left for a vacation in Vail, Colo., after the losses surfaced. He also accelerated bonus payments at Merrill so they could be collected before the end of the year. He scheduled a trip to attend the World Economic Forum next week in Davos, Switzerland, even though Bank of America had signaled that such a trip was not a good idea, according to one person familiar with the matter. He is also facing heat for spending lavishly to renovate his office after arriving at Merrill last year.

I wouldn't be surprised if something comes out about the lack of transparency in Merrill's financials, since BoA posted that huge loss a few weeks back.

[y2kev]

Thain is a douche (and even looks like a douche), but some justice. Made 83.1 million for essentially overseeing the Titanic sink and then gets off. lollllll

[Brehvolution]

I'm of the impression that, to be a successful financial CEO, you must be a master at ripping people off.