John Thain Refuses to Reveal the Information


Six hours in a hot, sweaty room with Andrew Cuomo last week, and former Merrill Lynch CEO John Thain still wouldn’t give up the goods on who got the $3.6 billion in bonuses the company paid out at the end of the year. He did say this, though: “Bonuses were determined based upon the performance and the retention of the people, and there is nothing that happened in the world or economy that would make you say that those were not the right thing to do for the retention and the reward of the people who were performing.” We’ll be the judge of that. A judge has ordered Thain back to the attorney general’s office tomorrow to provide further details. [NYT]