http://abcnews.go.com/Blotter/story?id=6710368&page=1
Less than one month into his new gig at the Bank of America, Merrill Lynch CEO John Thain resigned today after it was revealed that he doled out executive bonuses a month ahead of schedule and just days before his struggling Merrill Lynch firm was acquired by the BofA.
Merrill Lynch CEO Spent Over $1M to Redecorate Office
A new report says that Merrill Lynch CEO John Thain
spent over $1 million to redecorate his office.
(AP/ABC News)
Although no reason was given for his resignation, a spokesman for Bank of America, which acquired Merrill Lynch at the beginning of this year in a government-negotiated deal to save it from collapse, issued a statement saying: "(BofA Chairman and CEO) 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."
The amount in bonuses paid out was between $3 and $4 billion, according to the Financial Times. Exorbitant Wall St. bonuses have garnered increased attention since the economic collapse and subsequent billions in bailout funds have gone to help companies stay afloat.
Bonuses? Really?