Former Merrill Lynch Chief Executive John Thain has come under increased scrutiny in recent days; one part of the growing aftermath that's bubbled up from the Bank of America merger.
At issue is whether the bank knew of Merrill's losses and bonuses before the merger closed.
Thain insists "we were completely transparent with Bank of America... they learned about the losses when we did.". In a memo, which was posted on several news Web sites, Thain said Merrill's fourth-quarter losses stemmed almost entirely from positions taken on by his predecessor, Stanley O'Neal, who was ousted in October 2007.
Thain also said he plans to reimburse Bank of America for $1.2 million spent to renovate his office a year ago, calling the expense "a mistake in the light of the world we live in today."
The renovation expenses, including a reported $35,115 commode and a $1,405 trash can, have become became
And that leads to our Fast Money Reader Poll. Do you think Bank of America did the right thing when they ousted John Thain.
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