John Thain figured seven months ago that he was just one rung down the corporate ladder from becoming chief executive of the largest consumer bank in the U.S. Now, he is trying to climb back from the professional disaster that followed.
In an effort to restore his sullied reputation, the 53-year-old Mr. Thain is striking back at Bank of America Corp. He claims the bank lied about its role in the giant bonuses and losses at Merrill Lynch & Co. that cost Mr. Thain his job in January, after Bank of America bought the troubled brokerage.
"Getting fired is one thing. But nobody has the right to say things that they know aren't true," said Mr. Thain, who had been Merrill's chief executive, during one of a series of interviews with The Wall Street Journal.
Charlotte, N.C.-based Bank of America has stated publicly that the decision to pay bonuses to Merrill employees in December rather than in January, when they usually go out, was solely Mr. Thain's. News of the $3.62 billion in bonuses sparked a public outcry, badly damaging Mr. Thain's reputation.
Read on.
1 comment:
Let the fights begin as everyone will tell on each other because of what they didn't get. Greed makes people do strange things.
Post a Comment