John Thain fired by Ken Lewis

Just a few hours after my previous post about the robbery orchestrated by Thain and the massive losses hidden in Merrill, Bloomberg reports that John Thain is leaving BofA where he was supposed to be the head of investment banking. The final sentence shows also the extend of the debacle and pillage of Merrill's shareholders:

Jan. 22 (Bloomberg) -- John Thain, who engineered the sale of 95-year-old Merrill Lynch & Co. to Bank of America Corp. in September, was ousted after Merrill’s $15.4 billion loss forced the bank to seek more money from the U.S. rescue fund.

Thain, 53, “agreed his situation was not working out and that he should resign,” said Robert Stickler, a Bank of America spokesman, in an e-mail. The resignation ends Thain’s tenure with the Charlotte, North Carolina-based bank less than a month after Merrill’s takeover was completed.


Thain this year spent $1.2 million to redecorate his office at New York-based Merrill, CNBC reported today.

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