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"In the diplomatic language of corporate executives, it was mutually agreed that his situation was not working out," thus CBS' Anthony Mason described feuding financial bigshots. Ken Lewis, boss of Bank of America, axed John Thain, boss of the Merrill Lynch brokerage, which BoA took over in the fall. "Thain was fired for a simple reason," CNBC's Charles Gasparino told NBC's Lisa Myers. "Merrill Lynch lost $15bn last quarter and Lewis had no idea it was coming." That $15bn brought Merrill's total losses to $41bn, Mason calculated, yet "Thain paid out $4bn in company bonuses just days before the merger went through." BofA, in turn, just received a $20bn capital infusion from the TARP federal bailout fund.
Wretched excess made this inside Wall Street wheelerdealing especially newsworthy. Even as his brokerage house flirted with all those losses, Thain hired interior designer Michael Smith--who is also sprucing up the White House for the Obamas--for a $1.2m makeover for his office. The rug cost $87K and the commode on legs--"I cannot tell you what that is," CBS' Mason smiled--cost $35K.
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