1 down 1 to go
So Merrill Lynch was not a bargain as one could have gambled for… Mr Thain stepped down as head of BoA global banking and wealth management division. Apparently, Merrill Lynch, which Mr Thain once led, had a $15 billion loss in Q4, and BoA had to ask for more state aid to fund its acquisition of the Wall Street firm.
It also surfaced that Merrill accelerated some $4 billion in bonuses to staff before the completion of the government-backed takeover and that Mr Thain refurbished his office for $1.2M which include a 50k commode and a 1,400 waste basket.
Kenneth Lewis made a bad gamble: So why is Kenneth still the CEO of BoA?
Here’s my suggestion for a rule: If you have the chutzpe to go to congress to ask for my our hard earned cash, I we(?) want a letter of your resignation to accompany the request. To comply with the reduction in paper act, you could have two signature lines on the “Form X-XX: Request a bil form the govt.”: one for the request and one for the resignation.
Go home Kenneth.