Tuesday, January 27, 2009

Thain Fires Back at Bank of America

The Wall Street Journal - John Thain came out swinging against his former boss, Bank of America Chairman and Chief Executive Kenneth Lewis, saying Monday he was "completely transparent" about big fourth-quarter losses at Merrill Lynch & Co. that cost him his job last week. Monday's unusually pointed remarks by Mr. Thain exposed the personal tensions between the two men and a cultural rift between Bank of America and Merrill. The feud is deepening doubts that the giant commercial bank will be able to successfully absorb the world's largest brokerage firm, which it bought this month.

In a parting shot emailed to a small group of Merrill executives, the 53-year-old Mr. Thain also insisted that officials at the Charlotte, N.C., bank were involved in the decision to pay out 2008 bonuses at Merrill so that employees would get them by year end.http://online.wsj.com/article/SB123298094568215539.html?mod=testMod

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