Word: thain
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Dates: during 2000-2009
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...wanted. In a proxy statement sent to shareholders prior to the vote on the deal, Bank of America stated that Merrill had agreed not to pay bonuses to its top executives until after the acquisition was closed. Shortly after completing the acquisition, Lewis fired Merrill's top executive John Thain for, among other things, paying out $3.6 billion in bonuses to Merrill's top executives just days before the Bank of America acquisition was complete. (Read "Hooray for Boring Banks...
...years ago was not effective. The results of the turnover were, by almost any measure, a failure. Chuck Prince at Citi was replaced by Pandit, who is considered a well-meaning dolt by most people. Stan O'Neal of Merrill Lynch was replaced by former NYSE CEO John Thain. Thain made the error on more than one occasion of saying the worst was behind Merrill only to end up selling the company to Bank of America (BAC). Thain became enmeshed in the controversy over whether he properly disclosed Merrill's fourth quarter financial condition and if he was involved...
...replacing the current bank CEOs is that the new people coming in may or may not be better selections than the people whom they replace. In many quarters this is considered a sort of governance recidivism. But, that does not mean that the argument is entirely flawed. Pandit, Thain and Willumstad did not do any better than their predecessors. As a matter of fact, they probably did much worse. They were given the specific tasks of ferreting out problems in the companies which they were picked to operate and fix them. Each one expressed optimism about accomplishing their goals only...
Media critics have increasingly pointed to Harvard Business School—the alma mater of former Merrill Lynch chief executive John A. Thain, recently ousted General Motors CEO Rick Wagoner, and Bush administration Securities and Exchange Commission Chairman Christopher Cox—as the source of the irresponsible activity that bred the crisis...
...fury. It seems that the mighty have been hit with some virulent strain of arrogance common to those told that they were Too Big to Fail. First the auto executives swooped into town in their Gulfstream IVs to ask for $25 billion; then Merrill Lynch superman John Thain spent $1,405 on a trash can and suggested he deserved a $40 million bonus for losing $15 billion in the fourth quarter. Even Tom Daschle, whose loyal Senate brethren were set to confirm him to the Cabinet, discovered the radioactivity of the phrase "unpaid taxes on his chauffeured limousine...