john thain 2008
Scrambled with Thain (or McCain) on a Roll, $2,300.00 MyRye.com The Grimmest Story You'll Hear Today about Wall Street Compensation, by Elliot Spritzer, September 27, 2012,
On January 29, 2009, President Obama publicly criticized the large bonuses such as those handed out by Thain. Thain's property of 25 acres (10 ha) in New York state spans three townships, Rye, Harrison, and Rye Brook. The deal valued the brokerage at $50 billion. Obama said: "I saw an article today indicating that Wall Street bankers had given themselves $20 billion worth of bonuses at a time when most of these institutions were teetering on collapse and they are asking for taxpayers to help sustain them, and when taxpayers find themselves in the difficult position that if they don't provide help that the entire system could come down on top of our heads—that is the height of irresponsibility. It is shameful. In December 2003, interim chairman John Reed at the New York Stock Exchange told The Wall Street Journal that Thain would be paid "a plain vanilla number", about $4 million a year including bonus, with no "strange retirement" program like the one former NYSE CEO Dick Grasso was given. Thain was the last chairman and chief executive officer of Before he came to Merrill, Thain had been the CEO of the Thain reportedly was one of the runners-up to head Thain arranged the sale of Merrill to Bank of America at $29 per share, a 70 percent premium over the market price. Speculation mounted that some of Sheila Bair, chair of the Federal Deposit Insurance Corporation reported that during a meeting with the Treasury secretary at the depth of the financial panic, Thain asked the secretary if the TARP program would impact his compensation.On January 16, 2009, Bank of America announced that Merrill suffered an unexpected loss of $15 billion for the fourth quarter of 2008.
Bank of America CEO The tension between Thain and Lewis had been building since mid-December and culminated on January 22, 2009 when Lewis flew to New York to meet with Thain. The American people understand that we've got a big hole that we've got to dig ourselves out of—but they don't like the idea that people are digging a bigger hole even as they're being asked to fill it up. The firm announced that Thain would receive at least $50 million a year and could be paid as much as $120 million a year, based on the company's stock price. "On October 21, 2015 CIT Group announced that chief executive officer John A. Thain will retire effective March 31, 2016, and will continue to serve as chairman of the board of directors. Thain is a member of the following organizations: After a 15-minute conversation between the two men, Thain agreed to resign. Thain has a house on North Captiva Island in south west Florida. Thain was expected to be president of global banking, securities and wealth management, a new division at Bank of America, to oversee its corporate and investment bank and most of wealth management business.Upon joining Merrill Lynch, Thain received a $15 million signing bonus.
And part of what we're going to need is for folks on Wall Street who are asking for help to show some restraint and show some discipline and show some sense of responsibility.
Bank of America was aware of the payment, as allowing the payment to go through was reportedly one of the conditions under the merger agreement. The Thain suggested to the directors that he receive a bonus in 2008 of as much as $10 million, because he "saved Merrill" by selling it off to It was revealed on January 22, 2009 that Thain spent $1.22 million of corporate funds in early 2008 to renovate two conference rooms, a reception area, and his office, spending $131,000 for area rugs, $68,000 for an antique Thain accelerated approximately $4 billion in bonus payment to employees at Merrill just prior to the close of the deal with Bank of America.
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