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Oct 21, 2015 · Henny Ray Abrams/Associated Press. By Liz Moyer. 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...
- 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...
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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.
Jan 27, 2009 · Mr. JOHN THAIN (Former CEO, Merrill Lynch): There was complete transparency and complete agreement with Bank of America as to what levels that bonus pool would be and how it would be paid...
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.
- Financial executive, investment banker
- Republican
- John Alexander Thain, May 26, 1955 (age 68), Antioch, Illinois, U.S.
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...
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. In the end,...