The BofA Merrill Lynch John Thain Commode & Bonus Bout of 20

by Derek Loosvelt | January 26, 2009

  • My Vault

In what's becoming a heated heavyweight battle, John Thain and Bank of America go head to head in a few more rounds:

1. Trying to save face, ex-Merrill Lynch CEO John Thain says he’ll reimburse Ken Lewis, and the rest of us  BofA shareholders, for his $35,000 commode on legs, among other ridiculously expen$ive office renovations.

(Winner: BofA; Thain looks silly trying to dodge that left thrown at him three rounds ago, not to mention like a girl on a playground throwing that side-fisted jab of his at crowd member Stan O’Neal, another ex-Merrill CEO, who Thain blames for everything that’s gone wrong with Merrill.)

2. Contrary to what BofA has said, Thain claims BofA knew the extent of the fourth-quarter Carl Segan-like losses at Merrill.

(Draw; Thain's punch hits BofA in the ribs, but it ricochets off of BofA's midsection and connects with Thain's own chin.)

3. After apparently ousting Thain for handing out bonuses to his buddies, and perhaps also for those aforementioned losses, BofA now says it had knowledge of Thain sending out those incentive checks, adding that the bonuses were Thain’s call and it couldn't do a thing about it.

(Winner: Thain; BofA walks into outstretched arm of Thain's as he's stretching it, giving him a point-scoring punch).

more action to come ... Thain will hold a mid-match (previously recorded) press conference later today at 4:15 p.m.

Filed Under: Finance

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