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Entries tagged "Thain"What's Thain's future anyway?On Wednesday afternoon, CNBC hosted a roundtable debate among various staff including Charles Gasparino, Dennis Kneale and Michelle Caruso-Cabrera. The subject: the kerfuffle surrounding Merrill Lynch & Co. CEO John Thain's bonus request. Although it devolved into a shouting match between the three over who was responsible for the Bank of America Corp. deal (with Gasparino arguing Thain's lieutenant Greg Fleming was responsible and others disagreeing) the most intriguing part of the conversation concerned Thain's future at BofA. ... Roll Call: Dec. 8, 2008Merrill Lynch & Co. CEO John Thain reportedly made the case to the company's board that he deserves a bonus, The Wall Street Journal reported Monday morning, but eventually reneged after media took him to task. Nonetheless, some made a case for him including Portfolio's Felix Salmon and Deal Journal's Evan Newmark. Of course there were plenty in the blogosphere prostrate over the idea, but one of the better-thought-out cases comes from BusinessWeek's Ben Steverman over at Investing Insights. The bonus kerfuffle prompted Clusterstock to ask how long Thain will last at notoriously thrifty Bank of America Corp. after the... Depression chic from a bubble cheerleaderWhile the Chicken Littles in the mainstream media comb their archives for images of the Great Depression, an unlikely voice of reason emerges from Newsweek and Slate columnist Dan Gross who argues 2008 is not 1929. Gross, in fact, is downright irate over the issue, suggesting he'd like to throw Arthur Schlesinger's "The Coming of the New Deal" at the next person to make the comparison. Of course, if he does toss Schlesinger's three-volume set at someone, they should respond by throwing back Gross' own tome "Pop!: Why Bubbles are Great for the Economy," published in May 2007, just... Today's J.P. Morgan candidate? Jamie DimonEarlier in the week, I picked apart a New York Times story comparing investor Warren Buffett to financier J. Pierpont Morgan Sr. Maybe the Times could have made a better case that Jamie Dimon, the latter-day chief of the House of Morgan's successor bank, J.P. Morgan Chase & Co., is his true heir -- at least that's the impression given by The Wall Street Journal, CNBC and various bloggers. ... BofA explains Thain's new roleTwo weeks after Bank of America Corp. stunned Wall Street with the $50 billion takeover of Merrill Lynch & Co., the banks have clarified what role Merrill CEO John Thain will play after the merger is complete. ... Who will replace Paulson at Treasury?There are less than 40 days until the presidential election Nov. 4, and The Washington Post is getting a head start on handicapping who might succeed Treasury Secretary Henry Paulson. Usually the sport of guessing cabinet members is left until after the election when it is clear who the winner is, not when an election remains relatively close. The list includes some well known dealmakers and bankers, including John Thain and Mitt Romney. See the list after the jump. ... Can Merrill and Lehman call a Mulligan?What a difference a few days make. In the week after the federal government took over Fannie Mae and Feddie Mac, the markets pounded Lehman Brothers Holdings Inc., sending it into bankruptcy. Seeing the writing on the wall, Merrill Lynch & Co. CEO John Thain partnered up with Ken Lewis' Bank of America Corp. to avoid the same fate. The markets then turned their attention to the remaining investment banks, Morgan Stanley and Goldman, Sachs & Co., which both took a beating for three days until the government finally got serious about addressing the crisis. Now, the fog is clearing,... What will become of Merrill's stars?With Bank of America Corp. acquiring Merrill Lynch & Co. on Monday for $50 billion in stock, three unnamed Merrill directors will join BofA's board. No role was announced for Merrill chairman and CEO John Thain (pictured). By adding Merrill Lynch's more than 16,000 financial advisers, BofA would have the largest brokerage in the world with more than 20,000 advisers, making it the ninth-largest adviser on global mergers and acquisitions.... Thain loses credibility as Merrill marches on 'well capitalized'Has Merrill Lynch & Co.'s CEO John Thain lost all credibility? There seems to be a lot of contradictions between his statements and actions as of late, and the media is making a mockery of him for it.... Wachovia: Out with the old, in with the newWachovia Corp. is making a lot of executive changes as new CEO Robert K. Steel builds his team to turnaround the troubled bank. ... Norris on Thain: The sweaty pyschology of capitulationIn Friday's New York Times, Floyd Norris struggles to capture exactly what Merrill Lynch & Co.'s John Thain did this week. Did he panic? Did he capitulate in a sweaty paroxysm of desperation? Did he cave in to fear? Is Thain not having fun anymore, like he seemed to be having at Davos when he spoke to Norris? (Ah, Davos, only six more months to go.) And why won't he return calls? (The fact that Merrill is in a quiet period while it tries to raise $8.5 billion doesn't seem to matter.) Norris does reach beyond Thain's personal state... If this is capitulation, why does Merrill Lynch go first?You've got to believe that when John Thain started putting together his most recent attempt to clear the decks at Merrill Lynch & Co., he wasn't thinking that he'd have to announce it right after the Dow thudded 200 points. But that's what happened, which tells you a couple of things: You can't time these deals, and Thain's luck has been generally lousy. That said, another big write-down, the sale of $30 billion in CDOs to Lone Star Funds and a public offering may be what the doctor finally ordered for Merrill. Or not. We'll see. ... Top tagsYou have executed a tag search on Dealscape. On the left,you will find a comprehensive list of stories tagged "Thain." Below are the most-popular tags for Dealscape. On the right of the page you will find a search box to dig deeper into our content.
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