Ousted
After solidifying Merrill Lynch’s depth charge acquisition by Bank of America, former Merrill CEO and unabashed bonus seeker John Thain is rightfully out of work. After pulling in over $54 in 2007 from Goldman Sachs, Thain accepted a $15 million signing bonus to become CEO of Merrill Lynch. In his short time there, he dutifully spent $1.2 million redecorating his office to ensure a comfortable perch to watch as the near century old Merrill steadily moved toward the brink of collapse. In September, Thain and Kenneth Lewis negotiated the merger of Merrill Lynch with Bank of America; a move that has been nothing but an albatross to B of A. Despite the precipitous decline of Bank of America based on the poor financial markets and toxic assets of Merrill Lynch, Thain still had the voracious audacity to request a $10 million bonus from the board for his efforts.
John Thain was formerly known as a Mr. Fixit, now he should be rightly seen as nothing more than an avaricious parasite seeking to gain from the world’s losses. A man completely out of touch with his position, oblivious to the responsibility he held for his own workers as well as the general public. Of course he has already made more money than can be spent in a lifetime, but he should not be allowed to disappear into affluent anonymity. He should rightly become a punchline. The man is a disgrace who encapsulates the endemic greed that has poisoned and sunk our economy. No, he is not alone, but his defiant gluttony has brought unwanted fame that business schools and mentors should never allow to fade. Here is an example of what not to do, of who to guard against, in every business arena. Think of the jobs that were lost under his distorted and myopic tenure. Think of how many jobs could have been saved by remunerating just his 2008 signing bonus. These are the kind of lessons we need to learn from this trying time. Yes, greed is inherent in humanity and will never be rooted out. But we can see the poison of greed in our corporate system as we pay its ever increasing cost. Each day brings more headache and greater struggle to millions; people like John Thain are at the root of the evil. Do not forget the trustees who granted these salaries, and all the other executives straining for their own share of the pelf. This whole culture has to change, and that requires public outrage and vigilance. We have not seen the worst of it yet, but each day someone like Thain is ousted is a step in the right direction. Good riddance.
John Thain Agrees to Leave Bank of America
http://www.bloomberg.com/apps/news?pid=20601087&sid=apwXZlxMaUm4&refer=home
