naked capitalism: Thain Forced Out, NY Attorney General Cuomo Investigating Merrill Bonuses
Bank of America CEO Ken Lewis gave former Merrill chief John Thain an unceremonious heave-ho earlier today, a mere month after the Merrill deal closed, after one too many nasty surprises: the deterioration of Merrill in the fourth quarter, the revelation that Merrill effectively stiffed BofA by paying bonuses early, thus depriving the bank of the opportunity to review the payments and ascertain whether they were appropriate.
