Displaying all articles tagged:

John Thain

  1. rogue's gallery
    The Wolfman of Bank of AmericaNo one comes off well in the new Merrill Lynch snuff book, ‘Crash of the Titans,’ but one character distinguishes himself.
  2. flattering casting
    Jamie Dimon, John Thain to Be Played by Floppy-Haired Puppy-Dog Types in Too Big Too FailBill Pullman and Matthew Modine take on the roles of the Wall Street CEOs.
  3. Former Bank of America CEO Tries to Sell House Where Terrible Thing Once HappenedKen Lewis’s house is full of bad memories.
  4. interior decorating
    John Thain’s New Office Is Unconscionably Ugly and There Is Nothing He Can Do About ItWe’ll see how long he lasts before tearing off that hideous wallpaper with his bare hands.
  5. new beginnings
    John Thain to Head Company He Knows for Sure Is Screwed UpMerrill Lynch CEO famed for his “interior-decorating mistake” takes over at CIT Group.
  6. illegitimi non carborundum
    John Thain Is Determined Not to Let an ‘Interior Decorating Mistake’ Be His LegacyThe former Merrill Lynch CEO, known for his taste in commodes, mulls a job offer.
  7. white men with rugs
    CEO Who Spent $1 Million Redecorating Office While Firm Imploded Thinks Washington Should Take It Easy on CEOsFormer Merrill Lynch CEO John Thain thinks the FCIC hearings will be a waste of time if they’re just “an opportunity to pummel the CEOs.”
  8. white men with money
    John Thain Pops Champagne at News of Ken Lewis’s DepartureMeanwhile, inside Bank of America, some employees are quietly celebrating the CEO’s resignation.
  9. white men with money
    Who Will Succeed Ken Lewis?Assessing the Bank of America chief’s possible replacements.
  10. coulda shoulda
    John Thain’s Life Would Be Different If He Had Purchased an EktorpIf only the former Merrill Lynch CEO had bought Ikea.
  11. finance fiction
    The British Are Making a Movie About Lehman BrothersThe new BBC reenactment of the events of last September sounds a little too British.
  12. Judge Negs Bank of America’s Settlement With SEC Over BonusesThere may be some justice in the world, after all.
  13. white men with money
    How Uncle Sam Owns Ken LewisA succession race at Bank of America is a sign of your taxpayer dollars at work.
  14. the greatest depression
    The Plight of the Unemployed CEO: Underqualified for Management; Overqualified for StarbucksSome CEOs of failed financial institutions, having been expelled from their jobs, are looking for work — with little success.
  15. white men who are nervous
    Bank of America Chief Ken Lewis Gets in Front of the Firing SquadThe Bank of America CEO faces down angry shareholders at the company’s annual meeting.
  16. white men with rugs
    John Thain: What Ken Lewis Did Was Very UncoolThe former Merrill Lynch CEO finally speaks! And it sounds familiar …
  17. scenes from a meltdown
    Bank of America Married a Stranger With SecretsNew, suspicious information about Merrill Lynch has Bank of America rifling through its traders’ belongings, looking for clues.
  18. white men with money
    Merrill’s Merry Men Raked In $209 Million in 2008Which, if you think about it, is only a fraction of the $27.6 billion the firm lost … hmmm, no, there’s no good way to look at this.
  19. white men with rugs
    John Thain Refuses to Reveal the InformationSix sweaty hours in a room with the Bonus Buster, and the former Merrill Lynch CEO still wouldn’t give up the goods.
  20. the greatest depression
    Bonus Buster Andrew Cuomo Goes After Bank of America CEOThe New York attorney general has subpoenaed the BofA CEO about bonuses paid to Merrill Lynch.
  21. the bonus buster
    Merrill’s Decision to Pay Out $3.6 Billion in Bonuses Is ‘Nothing Short of Staggering,’ Says CuomoThe Bonus Buster is LITERALLY freaking out about Merrill Lynch.
  22. white men with rugs
    John Thain Bonusgate, Round ThreeDid the former Merrill Lynch CEO lobby for a $10 million bonus this year or not?
  23. gossipmonger
    Olivia Palermo Wants to Be a Serious ActressPlus, Kanye West has a weird new name for himself. In the gossip roundup.
  24. the greatest depression
    Bonus-Buster Andrew Cuomo Not Quite Done With John Thain YetTo say the least!
  25. John Thain’s Phone Date With DenialThe recently released Merrill Lynch CEO had a date with CNBC’s Money Honey today. Verdict: Awkward.
  26. white men with rugs
    John Thain Sorry About That Whole Office ThingThe former Merrill Lynch CEO has dried his eyes and is trying to make it right.
  27. white men with rugs
    John Thain Is the New Villain of Wall StreetThe former Merrill Lynch CEO comes undone.
  28. white men with rugs
    About John Thain’s RugNot the $87,000 one. The other one.
  29. the greatest depression
    Merrill Lynch CEO John Thain Gives Up on BonusWhat a difference a day makes!
  30. white men with money
    Andrew Cuomo LITERALLY Cannot Believe That John Thain Is Thinking About a BonusThe attorney general writes to Merrill Lynch’s board in his inimitable prose.
  31. white men with money
    Bank of America Trophy Wife John Thain Requests $10 Million in Walking-Around MoneyThe Merrill Lynch CEO has requested a $10 million bonus this year.
  32. vows
    Bank of America and Merrill Lynch Have Secured Marriage License, Are Due to WedBut is their marriage doomed?
  33. it happened today
    Bloody MondayNo matter what happens next, today was a day that will be remembered.
  34. company town
    The Obamas All Over the Glossy Newsstand, Once AgainMichelle and Barack appear on the covers of ‘Ebony’ and ‘Essence.’ But Meghan McCain has an interview in ‘Glamour’! Plus the latest on Barbara Corcoran, John Thain, and the other captains of industry.
  35. white men with money
    Merrill Lynch CEO John Thain Has a ProblemEvery time he thinks he’s made his LAST billion dollars, he loses another! D’ohh!
  36. white men with money
    The Blame’s on ThainAfter a startling $9 billion dollar write-down, everyone is piling on Merrill Lynch CEO John Thain.
  37. company town
    Citigroup Posts $2.5 Billion LossA lot of big news at the banks today — but there’s also crazy stuff going down with Jeff Zucker, Dan Rather, Brooke Astor (from beyond!), and Barack Obama, in our daily industry roundup.
  38. company town
    Bonnie Fuller Made $2.4 Million in 2008, As AMI Faces Bleak FuturePlus, the latest on Lehman, Merrill, and ground zero in our daily industry report.
  39. company town
    Fifty Cent’s Baby Mama Will Get Rich or Die Tryin’The battle between 50 Cent and Shaniqua Tompkins rages on, Columbia bulldozes most of the Upper West Side, more big changes at the Murdoch-owned ‘Wall Street Journal,’ and other epic battles, in our daily roundup of news from the law, real-estate, media, and finance sectors.
  40. white men with money
    John Thain Boosts Merrill’s Hopes, Stock PricesAfter his first address to shareholders, the company’s stock jumped over 7 percent.
  41. white men with money
    Merrill Lynch CEO Addresses Internet Riffraff in Conference CallMerrill Lynch takes another subprime hit, but don’t go predicting its demise on your blog just yet.
  42. white men with money
    Kicking Stan O’Neal When He’s DownThe former Merrill Lynch CEO was a dastardly devil, employees say, and not in a fun way.
  43. early and often
    John McCain Brings All the Billionaires to the YardJohn McCain is coming to New York next Tuesday for a giant fund-raiser to power his national campaign, reports Elizabeth Benjamin at the Daily News. It sounds like it’s going to be a doozy — the host committee includes Henry Kissinger, Alfonse D’Amato, Woody Johnson, Georgette Mosbacher, and Merrill Lynch CEO John Thain. Tickets are either $1,000 or $2,300 per person (get it? The most you can donate to one candidate?), and it will take place at the Plaza. So glamorous. But let’s get down to business (literally). How many billionaires will be in attendance? And how many billions do they represent? From Forbes.com’s most recent list, we count five: Henry Kravis (the world’s 178th-richest man, worth $5.5 billion), Ray Dalio (worth $4 billion), Louis Bacon (worth $1.7 billion), Marc Rowan (worth $1.5 billion), and Robert Fisher ($1.4 billion). That’s a total of over $14 billion in the room with the Republican presidential nominee. There are several dozen other multimillionaires on the list, plus Lord knows how many buying tickets — so we’ll conservatively push that number over the $15 billion barrier. At first, we wondered how on earth any of the Democrats could get that much money into one room. And then we remembered that all Hillary needs to do is have Warren Buffet hold another fund-raiser, and she’d be in the company of quadruple that amount. Nobody else would even need to show up.
  44. white men with money
    CEO Astrology: Reading the Stars for Barry Diller, John Thain, Chuck Prince, and Steve SchwarzmanMany of you know celebrity astrologer Susan Miller as the uncannily accurate predictor of your fate. You’re in good company: She’s got A-listers like Kirsten Dunst and Orlando Bloom paying her to do their charts and gets fifteen million page views a month on her Website, Astrologyzone. She’s asked to analyze the stars for actors, musicians, and starlets all the time — but when we got the chance to talk with her, we wanted to know what the future holds for a group of guys even nearer and dearer to our heart. Guys like embattled IAC CEO Barry Diller, Blackstone CEO Steven Schwarzman, ousted Citigroup CEO Chuck Prince, and Merrill Lynch newbie John Thain. After all, these people have much more power to wreak havoc in our lives if the stars choose not to shine on them. After the jump, read Miller’s uncannily prescient analysis (it would be more precise if she knew the times of day they were born) and learn what warnings these four financial powerhouses need to heed if they want to come out of 2008 on top.
  45. company town
    Thay It Ain’t So! Merrill Chief Loses Part of BonusFINANCE • The falling market has shaved off a big chunk of Wall Street hottie John Thain’s compensation. Don’t worry, Thainie-boy, we still love you. [DealBook/NYT] • Wondering what the hell’s happening in the markets? Watch one trader lose his life savings in a single day. (NSFW) [Crossing Wall Street] • Ex–Goldman banker becomes underwater gravedigger. Say what? [NYT]
  46. white men with money
    John Thain Keeps His Cool, Continues to Be Hot Our new boyfriend, Zeppelin-loving new Merrill Lynch CEO John Thain, seems to be keeping his cool remarkably well, despite his firm’s announcement yesterday that it was writing down $14.6 billion and lost nearly $10 billion, which caused its stock to drop 10 percent and fueled the growing perception that the economy is, or is about to be, in the shitter. But why shouldn’t he be calm? After all, “I didn’t cause this problem,” he told the Journal today. But he does plan to solve it: by expanding international operations, and adopting some of the hierarchical strategies of his former employer, Goldman Sachs. Thain’s hired Noel Donahue to run risk management and hopes to hire former Goldman co-head of sales and trading Tom Montag (no relation to Heidi). “The problem is not a zero, but it is for the most part behind us,” Thain told the Journal. Can Thain, with his Clark Kent good looks and cool-headed fixer attitude, transform into Superman, steer Merrill back on course, and save us all? We kind of think maybe. Oh, and there’s good news for media Chicken Littles, too: The Journal didn’t bring up the poop incident, which we take to mean that Rupert Murdoch hasn’t wrapped his soft hands around their editorial coverage just yet. Merrill’s Risk Manager [WSJ] Related: Setting The Story Straight On The Merrill Bonus Rage [Dealbreaker] Related:Who Is NYSE CEO John Thain? [NYM]
  47. white men with money
    Can John Thain’s Hotness Save Merrill Lynch?Merrill Lynch lost $9.8 billion in the fourth quarter, the brokerage announced this morning. As with many of the other lenders reeling from mortgage mess, this is the firm’s biggest quarterly loss since it was founded, which, in Merrill’s case, was 94 years ago. In a scary bit of synchronicity, new Merrill Lynch CEO John Thain used the exact same words Citigroup CEO Vikram Pandit used the other day when his firm lost nearly $10 billion. The results are “clearly unacceptable,” they said. Yeah. Remember in It’s a Wonderful Life when Uncle Billy lost $8,000 and the Bailey Brothers Savings and Loan nearly went under? That was unacceptable. This is way worse. But on the bright side, Thain, who replaced recently deposed Stan O’Neal, has lately brought in some liquidity by selling a commercial-finance unit and almost $13 billion worth of capital investments overseas. “We’re very confident that we have the capital base now that we need to go forward in 2008,” he said in the conference call this morning. Well, he should be confident. After all, he is hotter than his predecessor, which, according to a recent study, bodes well for his success. Live-Blogging The Merrill Earnings Conference Call [WSJ] Merrill Posts Steep 4Q Loss [AP]
  48. company town
    Ellen Dethrones Oprah, Finally Has a Real Reason to DanceMEDIA • Ellen beat Oprah as the nation’s favorite TV personality, dethroning the Queen of Talk who held the top spot for five years. [HR] • Will Schwalbe quit Hyperion after seven years as editor-in-chief. His decision seems to have come as something of a shock, and the publisher has no immediate successor planned. Schwalbe, co-author of Send, the recent guide to e-mail etiquette, won’t divulge his own plans. [NYO] • Christopher Hitchens quits smoking! Really, we’re excited and interested! [Radar]
  49. white men with money
    Merrill Lynch CEO Asks Jeff Kronthal to Bring It Oh no he didn’t! In what looks like a fuck-you to his predecessor, new Merrill Lynch CEO John Thain has announced he is hiring back Jeff Kronthal, one of six top trading executives former CEO Stan O’Neal fired back in the summer of 2006, reportedly after they resisted his directive to increase risk-taking by underwriting mortgage-backed securities. O’Neal, of course, was fired himself this past November for precisely that — his enthusiasm for the subprime poison apple left Merrill with record losses. Awesomely, Kronthal’s new role at Merrill will be fixing the mess his old boss made; he’s been hired, according to Merrill co-pres Gregory Fleming, to “advise on the firm’s fixed-income business and risk management.” The job is temporary — Kronthal has his own hedge fund launching in mid-2008 — but the gesture is still meaningful, as many have said that had Kronthal and the other sacked fixed-income veterans not left, the bank might not be in the shape it is today. According to the Journal, Kronthal received a standing ovation when he appeared on a Merrill trading floor yesterday. Basically, it’s kind of like the second half of that seminal film Bring It On, after high-school cheerleading squad the Rancho Carne Toros are embarrassed by their spirit-fingers performance, and Torrance Shipman (Kirsten Dunst) takes control back from Courtney and Whitney and leads the squad to victory with an original routine. Go Merrill! Kronthal to Return As Merrill Advisor [WSJ]
  50. company town
    Cravath’s Good Ol’ Boys Miss the Good Ol’ DaysLAW • One old lawyer reminisces about his time at Cravath in the fifties and speculates on why big law used to be — used to be? — such a man’s world: “Obviously, male bigotry played a major role. But I think something else was involved — an attempt to protect certain values that mattered greatly to the practitioners of that time. They wanted a workplace free of the messiness of male-female relations. They liked to say, ‘Yes, sir,’ and ‘No, sir,’ and be done with it. Women might bring distractions: flirtations, gossip, dating. No more male bonding.” Aw…! [American Lawyer] • Everyone’s talking about Robert Morgenthau stepping down after 33 years as Manhattan D.A.— except Robert Morgenthau. [NYT] • NYU Law School listserv smackdown! First e-mail: “I decided to compile a list of the easiest professors at NYU Law for those of us who: 1. Want an easy A, and 2. Don’t care about the grade and just want a B without doing a thing.” Second e-mail: “Does your mom still teach here? Because I heard that she’s REALLY easy.” Third e-mail: “If you came to NYU Law school thinking to take shortcuts to get easy As as opposed to taking classes that you would find challenging and helpful to your understanding of law practices, here’s my nugget of advice: save the money and go to a state law school.” Fourth e-mail: “We come to NYU to take made-up classes like ‘Jesus & the Constitution,’ ‘Inter-Animal Contracts,’ and ‘International Law.’ Coming to NYU for anything other than intellectual masturbation or an easy job is a waste of money.” [Above the Law]
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