Given the significant price that John Thain secured for Merrill Lynch shareholders, in this environment and in the context of Merrill´s situation, he should be very well rewarded.
The problem is that his good work was enjoyed by Merrill shareholders, the sellers.
Bank of America shareholders were less well served by their representatives, the management.
John Thain´s deserved bonus should be paid by those he served and benefitted, former Merrill shareholders.
Onésimo Alvarez-Moro
See article:
John Thain struck back at his critics Monday, defending himself against charges that in his last days as chief executive of Merrill Lynch he paid out secret bonuses.
He also said he would reimburse the $1.2m that he spent a year ago to redecorate his New York office, explaining in a memo to Merrill employees that the expenditures were made “in a very different environment” and “they were a mistake in the light of the world we live in today”. The money, he said, had been spent on “the renovation of my office, two conference rooms and a reception area”.
See full Article.
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