The Empire Strikes Back!!!…Thain says Lewis knew all….

Update: 11:48am EST: And they’re off!!!!  BofA releases a stmt claiming Thain and Merrill Comp Cmte made call on y/e bonuses., reported live on CNBC…this after the FT report yesterday that BofA  had input into those bonuses..

a real pixxing match going on here folks..BofA claiming they had no legal right to challenge the bonus decisions? I say Ken Lewis is on his way out….(PS Charlie Gasparino is once again displaying his lack of uhmm couth on CNBC interrupting everyone to say he knows all..again…Kudlow says something important here, LEWIS BOUGHT COUNTRYWIDE yeah remember that???) To MiM, it looks like BofA is rebuilding in the image of CITI (which failed-hey maybe that’s their plan to be too big to fail…)..

Oh it is getting good now. If I weren’t a frakin shareholder I might even enjoy the drama of it all…

John Thain, erstwhile CEO of Merrill and former CEO of NYX and COO at Golden Slacks, has struck back at one-sided reports leaked by Ken Lewis over at BofA suggesting Thain pulled the wool over his eyes pre merger..

theempirestrikesback

This is not only high drama it is a metaphor for the shift in our economy…a head to head matchup b/w commercial banking heavyweight Ken Lewis and the welterweight of Wall St, John Thain..and don’t evah forget Thain is a Golden Slacks alumnae, that makes him Golden donchaknow…in Vegas odds I give it to Thain…

Bank Of America Personnel

had this been Jamie Dimon going up against Thain, then I would have said hands down Dimon wins it….but Lewis doesn’t have that certain ‘je ne sais quoi’ of Jamie…Lewis is still on his way OUT as CEO..believe it…

The media has attempted to cast Thain in the role of poster boy for Wall St malfeasance, and that expense report on his office didn’t help, even Obama mentioned it for cripes sake..yeah methinks Thain is pixxed and not going down alone..

KEN LEWIS COME ON DOWN!!!

CNBC Maria Bartiromo got an exclusive interview with Thain, we will post linkys as available, Thain also wrote a memo, the ultimate tool in CEO Jousting..the MEMO!!

He said he had been “completely transparent” with Bank of America and pointed out that the acting chief financial officer of his businesses had been Bank of America’s chief accounting officer.

“They learned about these losses when we did,” he wrote. “The acting CFO of my businesses was Bank of America’s former Chief Accounting Officer. They had daily access to our (profit and losses), our positions and our marks. Our year end balance sheet target (which we more than met) was given to us by Bank of America’s CFO.”

Read The Memo here:

To my Merrill Lynch colleagues:

It has been an honor to lead this company over the last very difficult year. The decisions that I made were always with the best interests of our shareholders and employees above all. I believe that the decision to sell to Bank of America was the right one for our company and our clients. While the execution has been difficult, I still believe in the strategic rationale of the transaction and I wish you all the best for the future of the combined companies.

I want to address several topics that have been inaccurately reported in the press. The first issue is our year end bonus payments. Our 2008 discretionary bonus pool was 41% lower than 2007. The size of the pool, its composition (cash and stock mix), and the timing of the payments for both the cash and stock were all determined together with Bank of America and approved by our Management Development and Compensation Committee and our Board. The total bonus pool was also substantially less than the amount allowed under our merger agreement.

-snip-

The final topic is the expenses related to my office. The $1.2 million reported in the press was for the renovation of my office, two conference rooms and a reception area. The expenses were incurred over a year ago in a very different environment. Nonetheless, they were a mistake in the light of the world we live in today. I will therefore reimburse the company for all of the costs incurred.

I thank all of you for your hard work and your support over the past year. I wish you all success in the future.

John

Can anyone accurately guess the price of that parchment trashcan?? If you said $1,200.00 you win!!!

Hey I’m a shareholder don’t I even get any TURTLE WAX???

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January 26, 2009. Tags: , , , , , , , , , , , , , , . Economy, FDIC, Finance, Politics, Popular Culture, TARP, Wall St.

6 Comments

  1. Cuomo/BofA Smackdown: It’s On ! (again) « Moderate in the Middle replied:

    […] of Cuomo’s initial move on BofA in March of 09 here. More  posts on Thain/Lewis here and here and […]

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  2. Breaking: BofA to pay $33 M penalty in settlement…SEC charges BofA with making material false stmts on Merrill deal…CIT Group shares halted for news pending…. « Moderate in the Middle replied:

    […] are shareholders. We have covered this extensively see our posts on Thain/Lewis here and here and here and  […]

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  3. Breaking: SEC charges BofA with making material false stmts on Merrill deal…CIT Group shares halted for news pending…. « Moderate in the Middle replied:

    […] are shareholders. We have covered this extensively see our posts on Thain/Lewis here and here and here and  […]

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  4. Making Their Move against the Fed: Bernanke under fire on BofA/Merrill: Email trail… « Moderate in the Middle replied:

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  5. Bernanke under fire on BofA/Merrill: Email trail… « Moderate in the Middle replied:

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  6. Breaking: AG Cuomo: Bank of America ‘interfering in bonus probe’…Thain v Lewis, it’s on!!!… « Moderate in the Middle replied:

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