The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: DebtBomb who wrote (179910)	1/27/2009 10:26:47 AM
From: Jim McMannis	Read Replies (1) of 306849

Thain Strikes Back: Bank of America Knew Everything finance.yahoo.com Fired Merrill CEO John Thain, who was attacked last week by what appears to have been a Bank of America (BAC) propaganda campaign, has struck back. In a leaked memo to Merrill executives, Thain says that Bank of America: Knew about, and approved, the $15 billion bonus payments that BAC tried to blame on him. Knew about the Q4 losses that BAC is trying to say it was shocked by Thain also says that the $1.2 million spent on his office redecorations were a mistake and that he will reimburse the company for the expense. Thain is going on CNBC later today (4:15 PM ET) and will presumably discuss all of these issues with Maria Bartiromo. All this is equivalent to firing a missile into the Bank of America (BAC) boardroom. Bank of America and CEO Ken Lewis tried to blame everything on Thain last week. Assuming Thain is right that BAC knew about the bonuses and Q4 losses (and it's almost inconceivable that they didn't), responsibility for the incompetence and outrageous bonus decision falls squarely back on Bank of America...and still-employed CEO Ken Lewis. See also from ClusterStock: Ken Lewis Should Be Fired Plus, click "more" to embed the video. 58 votes\|Recommend this

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