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Jan 27, 2009 · John Thain, former CEO of Merrill Lynch, finally revealed the names of the executives who received multi-million dollar bonuses on the eve of his failing firm's merger with Bank of America, ABC News has learned.
- Bank of America
February 2, 2009— -- Despite a near collapse that required...
- New York's Cuomo to AIG
New York's Attorney General Andrew Cuomo sent a letter to...
- Bank of America
People also ask
Did Obama subpoena Thain for $18B in Wall Street bonuses?
Did Cuomo subpoena Thain over Merrill bonuses?
When does Thain leave CIT Group?
- Lloyd Blankfein—Goldman Sachs
- Joseph Cassano—Aig Financial Products
- Vikram Pandit—Citigroup
- John Thain—Merrill Lynch
- Richard Fuld—Lehman Brothers
(Photo: Adobe Stock) Goldman Sachs stock chart resembles the precipitous decline that the majority of financial-related stocks experienced as the credit crisis was peaking. In October 2007, Goldman’s stock sat pretty as high as $250 per share, but bottomed near $60 per share in December 2008. CEO Lloyd Blankfein, who announced his retirement from G...
(Photo: Adobe Stock) Joseph Cassano isn’t one of the most highly publicized CEOs from the financial crisis, but was dubbed the “Man Who Crashed the World” as the head of AIG Financial Products, which was ground zero for the creation of the credit default swaps and related financial products that fanned the flames of the Great Recession. For more on...
(Photo: Adobe Stock) Money center banking giant Citigroup was officially rescued in November 2008. A New York Times article from earlier in 2008 detailed that Charles Prince III resigned as CEO in late 2007 and received a $10.4 million bonus.Mr. Pandit had earlier received an estimated $165 million when Citi bought a company he was involved in. Mr....
(Photo: Adobe Stock) John Thain took over as CEO of Merrill Lynch and quickly became well known for spending $1.2 million to renovate his office during the downturn. That and financial turmoil cost him his job in late 2009, meaning he held among the shortest tenures of all CEOs involved in the crisis. He took the helm right around when Bank of Amer...
(Photo: Adobe Stock) Lehman Brothers was a rare victim during the financial crisis in that it was allowed to go completely bankrupt. Dick Fuld was at the helm in September 2008 when Lehman closed its doors. Excessive leverage and direct involved by two of the firms hedge funds were among the first indicationsthat the credit crisis was going to be s...
Oct 21, 2015 · John A. Thain, who will retire as chief executive of the CIT Group in March, has had plenty of ups and downs in his career on Wall Street. After guiding CIT’s transformation into more of a ...
Jan 24, 2009 · (Fortune) -- Even before the revelations of the undisclosed massive losses, the early payment of billions of dollars in bonuses, and the delicious $87,000 rug, John Thain's days at Bank of...
Jan 27, 2009 · The pre-text for his departure was Thain's decision to pay $4 billion in bonuses to employees in late December, just days before the sale of the company. Yesterday, Thain appeared on CNBC to...
Upon joining Merrill Lynch, Thain received a $15 million signing bonus. 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.
Jan 23, 2009 · Thain, who is 53, drew criticism from both outside and inside Merrill Lynch for initially suggesting that he be paid a large annual bonus, said to be $30 million to $40 million.
