CEO Cashes Out

By
Huh?

NEW YORK – Merrill Lynch & Co. CEO John Thain has resigned from Bank of America Corp.

The company has given no reason for Thain's departure, but it follows news that Merrill Lynch had moved up its year-end bonuses, doling out cash just days before it was officially acquired by Bank of America on Jan. 1.

A company spokesman issued a short statement: "Ken Lewis flew to New York today to talk to John Thain. And it was mutually agreed that his situation was not working out and he would resign."


I say "huh" because I've seen about 80 "Bank of America is the best bank EVA" commercials this week. Then again, maybe they can afford to run them when the head guy leaves.

Comments

daveawayfromhome said…
This might explain a bit more, if you havent heard it already. My question is this: how large a percentage of the gov't money was Thain's golden parachute? NO one has mentioned his severance.

Word Verification: "blogaram"

No, really, it was. Followed by "misswin".
10:32 PM
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