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Thain is OUT!

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Jan 23, 2009 1:47 am
SometimesNowhere:

[quote=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[/quote]









Blast from the past.
Jan 23, 2009 1:57 am
SometimesNowhere:

[quote=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[/quote]   thain deserves a flaming pineapple lined with razor blades shoved up his ass for his decadence.  what an epic asshole!  hope he rots in hell...
Jan 23, 2009 2:14 am

Don't Hate the Playah, Hate the TARP....

Merrill's Thain Resigns, Could Be Devastating to Advisors By Donna Mitchell January 22, 2009
Former Merrill Lynch chief executive officer John Thain, who recently was head of the brokerage's wealth management and corporate investment banking divisions, resigned today.

The announcement came after a morning meeting between Thain and Bank of America chief executive officer Kenneth Lewis, during which the two men discussed Thain's future at the company, according to CNBC. It also coincided with the combined company's plans to lay off employees from its investment banking business.

Merrill Lynch and Bank of America did not return calls seeking comment, but a public statement from Bank of America said Brian Moynihan was named as president of global banking and global wealth management and investment management.

Moynihan, general counsel for Bank of America, is no stranger to wealth management, having once served as president of global wealth and investment management at the bank.

Jan 23, 2009 2:23 am

i worked under moynihan at fleet/quick&reilly for a brief time in my early days (yes i’ll admit it-had to eat). 

  i recall a presentation where he spent much time explaining how much the "firm" makes from checking accounts, but hadn't a clue about managed money. he preferred the commission product with it's "big up front payouts".   granted, that was years ago, but...  the indy channel is about to explode!
Jan 23, 2009 2:38 am

A lawyer running the joint!!! Sounds great.
Actually, sounds familiar. Remember Chuck Prince?

Good luck guys. Welcome to the wonderful world of the universal banking model.

Jan 23, 2009 3:19 am

 the next head rolling should be lewis.  i cant believe shareholders havent organized to oust him.  all he cares about is getting bigger and being the largest in every segment of financial services.  he cares nothing of quality only quantity.  now all bofa is a giant pot of gumbo that looks and tastes like $hit.

Jan 23, 2009 3:21 am

Dont run for the door--------------sprint!!!

  Watch out for cronies, unqualified minorities, and lackies getting promoted into positions of extreme power.   These are the same people who let a bunch of their brokers get dinged on ARS by being one of the last to settle. Their initial response was, that "this is a phenomenal lending opportunity".  I kid you not (I guess they had big lending goals that quarter!!!!)
Jan 23, 2009 3:29 am

Worlds are colliding

Jan 23, 2009 4:03 am

[quote=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.



[/quote]

Todd Robinson, former chairman of LPL, used to have a SWEET converted Chevy Suburban limo.  I mean the inside was gorgeous custom leather.  His personal driver was the nicest guy in the world, with a huge smile, and when he picked you up he held the door wide open and made you feel like a king.  Cold drinks and a fresh newspaper in the back.

Reason I know this is that when they would bring recruits up to Boston for a visit, they would send you back to your hotel or the airport in Mr. Robinson’s limo(if he wasn’t using it).  It was a nice touch after a long day of meetings…felt like it kinda told me something about the company.

Meanwhile, if this were MER you would probably be given a voucher for a cab while Thain’s unused limo sat idling at the curb and he sat upstairs in his multimillion dollar office.  What a disgusting friggin’ waste of shareholder money, and what a sign of arrogance.  Oh yeah…and a wirehouse payout to add insult to injury.

I don’t even have a dog in this fight and I’m pissed.

For all the crap we give each other, I’m honestly sorry to see all you wire guys have to go through this.

Jan 23, 2009 4:22 am

Moynihan is not an attorney. He was in charge of “Wealth Management” at Fleet/Quick & Riley over about 700 FA’s on a discount platform, one that was pretty cheesy and cost BofA a bunch of money in fines and settlements after they did the same due dillegence they did on Merrill. Then he was over GWIM at BofA and took the advisor force from 2800 to 1700 while implementing a requirement for FA’s to enter notes to qualify for their trials to be paid back in depreciating BofA stock. He orchestrated the US Trust deal and chased the head out over arguments about whether US Trust clients would pay ATM fees and if they could still entertain potential and existing clients in NYC. BofA still refers to that acquisition as one of its most disappointing.

Jan 23, 2009 2:06 pm

bancofamigo is right about Moynihan.  I met him years ago at Fleet Bank/Bank of America merger meeting. 

  Thain may have been a bit greedy with his office and the sneaky bonuses but at least he: 1. Got the firm sold in a weekend before it went bankrupt, and 2. Actually ran a brokerage firm.  The new management in place at BAC are first and foremost bankers. They did a horrendous job integrating Fleet advisors. 
Jan 23, 2009 2:37 pm

Yeah, sure- Thain's made some bad decisions- but he did save MER the weekend Lehman went under.  What I find weird though, and creepy, is how they saved the story on how much he spent on his office until the day he quit/resigned.  It was a year ago.  They're obviously trying to make Thain look bad, divert attention away from Lewis.  This whole thing is just plain wrong.  How embarassing.