Thain is OUT!

or Register to post new content in the forum

32 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Jan 22, 2009 11:55 am

Breaking news- Fox reporting Thain's resignation right now 8:50 AM mountain.

Can't wait to hear all the postulating on this one... fire away guys. 


Jan 22, 2009 12:02 pm

train is falling off the tracks, epic disaster for all parties...

 
really feel bad for all the fa's both from merrill and bac, no one deserves this bs
Jan 22, 2009 12:16 pm

Bank of America will continue to let Merrill be their own firm.  They are not going to get involved in Merrill's business.  I don't see things changing one bit for Merrill.


 
This is what I kept hearing from my buddies trying to recruit me over there to their team.  Not to say that Jones is all high and mighty, I am just thanking god that I did not decide to join them a year ago before the sh1t hit the fan.  I am just not interested in the "extra-curricular" stuff those FA's have to deal with right now.  I actually feel bad.  My friends are good people and good advisors.  And I know they are dealing with all of this the best they can.
Jan 22, 2009 12:21 pm

Not to say we told you so.  But, we told you so.  Next will be the compensation plan changes, due to blah blah blah.  Its a never ending story here at BAC.

Jan 22, 2009 12:21 pm

If you're an FA at ML, I don't care if you're LOS 2 or 25, you're a FOOL if you're not actively exploring your options.  

Jan 22, 2009 12:25 pm

Who will replace Thain? Sallie?

What happened to, "Thain saved Merrill????"

Also, this is just my hunch but, does Thain wear a toupee?

Jan 22, 2009 12:40 pm

This is the standard BAC operating procedure.  Nothing will change until the signatures are secured and we decide to change it.

 
MER advisors.....you now must take your Ostrich heads out of the sand or YOU ARE GOING TO POUND SAND.
 
The confiscation of your book and your ownership( and future retirement benefit in selling your valuable asset)  is about 75% complete. All in the matter of 60 days......
 
Ahhhem....I told you so.
 
As they say in East LA. . . Chu Got Plaid Mang!
Jan 22, 2009 12:50 pm

Lewis has a history of buying high and selling low.....He bought BAC and that is also proving to be right in line with his outstanding record of spotting deep value.


Jan 22, 2009 2:08 pm

I think Thain is getting a bad rap...If it wasn't for him, ML would been gone ala Lehman Bros. He got a Great price for a overrated firm in terrible market conditions.




ML should try to get spunoff into that SB & MS company
Jan 22, 2009 2:26 pm

Thain is a freakin' piece of work. Check out this excerpt concerning his 2008 lower Manhattan office remodel:

Thain's
purchases include: $87,000 for an area rug in Thain's conference room
and another area rug for $44,000; a "mahogany pedestal table" for
$25,000; a "19th Century Credenza" in Thain's office for $68,000; a
sofa for $15,000; four pairs curtains for $28,000; a pair of guest
chairs for $87,000; a "George IV Desk" for $18,000; 6 wall sconces for
$2,700; six chairs in his private dining room for $37,000; a mirror in
his private dining room for $5,000; a chandelier in the private dining
room for $13,000; fabric for a "Roman Shade" for $11,000; a "custom
coffee table" for $16,000; something called a "commode on legs" for
$35,000; a "Regency Chairs" for $24,000; "40 yards of farbric for wall
panels," for $5,000 and a "parchment waste can" for $1,400.


Jan 22, 2009 2:30 pm

I am sad to say that I am smiling as I read this.  BAC wiped out all of its market level management team in favor of going with Merrill's.  Now there will be no ML management team to turn to.  Get ready for a bunch of consumer bankers to step in and "lead" the remaining FA's to prosperity.  Make sure you wear your badge and a smile as you are a banker now.  Good luck...

Jan 22, 2009 2:39 pm

Does he get to take the office goodies with him?

Jan 22, 2009 2:50 pm

I call dibbs on that sweet trash can!

Jan 22, 2009 2:54 pm

McCann and Thain out in the first 30 days....not good.  I wonder how many top producers leave in the next 30 days.

Jan 22, 2009 3:03 pm
burtonfinancial1:

Thain is a freakin' piece of work. Check out this excerpt concerning his 2008 lower Manhattan office remodel:

Thain's purchases include: $87,000 for an area rug in Thain's conference room and another area rug for $44,000; a "mahogany pedestal table" for $25,000; a "19th Century Credenza" in Thain's office for $68,000; a sofa for $15,000; four pairs curtains for $28,000; a pair of guest chairs for $87,000; a "George IV Desk" for $18,000; 6 wall sconces for $2,700; six chairs in his private dining room for $37,000; a mirror in his private dining room for $5,000; a chandelier in the private dining room for $13,000; fabric for a "Roman Shade" for $11,000; a "custom coffee table" for $16,000; something called a "commode on legs" for $35,000; a "Regency Chairs" for $24,000; "40 yards of farbric for wall panels," for $5,000 and a "parchment waste can" for $1,400.


 
That's weak.
 
Sincerely,
Dennis Kozlowski
Jan 22, 2009 3:26 pm

That "commode on legs" better do some pretty cool stuff...

Jan 22, 2009 3:31 pm

I wonder how much his toupee was?

Jan 22, 2009 3:42 pm

Thain out, Moynihan in! 

I've posted at least twice in this forum somewhere that it just a matter of time before BAC would replace key leadership at ML with BAC lackies like Moynihan.

Sure BAC wanted a premium wealth management business. Want to know what the future of ML is? Just look at the lackluster investment management business BAC built with their best efforts!

An excerpt on this from newswires:

Lewis, in the past, has spoken out about his dislike of the
investment banking business. In October 2007, after Bank of America
posted a 32 percent drop in third quarter profit, hurt heavily by
investment banking results, Lewis said: "I've had all of the fun I can
stand in investment banking at the moment. So to get bigger in it is
not something I really want to do."

Soon after the announcement of Thain's departure, Bank of America named its general counsel, Brian Moynihan, to succeed him.

With
Thain gone, Paul Miller, an analyst at Friedman, Billings, Ramsey &
Co., said Lewis is likely to wind down many parts of Merrill's
operations as he integrates the investment bank.

Lewis picked up
Merrill with his eyes on the retail brokerage business, Miller said.
Internally, Bank of America has spent heavily in recent years to build
out an investment banking group, but it was still much smaller than
Wall Street peers.

While retail brokerage might be appealing to
Lewis and Bank of America, Miller said the riskier parts of the
business are likely to be shut down, possibly including the fixed
income and structured finance divisions.

Jan 22, 2009 5:08 pm

When you picked up your FT this morning did you think Thain would make it through the day? That kind of news, in this kind of environment?

These companies will all probably end up going through "Public Recapitalization", Steve Pearlstein's suggested euphemism for nationalization. The Thain news just makes it more likely that the taxpayer will want very wealthy scalps as payback.

Jan 22, 2009 5:11 pm
avise:

The Thain news just makes it more likely that the taxpayer will want very wealthy scalps as payback.



I mean the cynical $4B in bonuses just before the BAC takeover, not today's firing.