CNBC reported that big spender, wannabe interior designer and former CEO of Merrill Lynch John Thain will reimburse Bank of America for his $1.2 million office renovation, paid for with company money. In a memo to Merrill employees, Thain also defended reports of accelerated bonus payments before the closing of Merrill’s sale to Bank of America.
“Our 2008 discretionary bonus pool was 41% lower than 2007. The size of the pool, its composition and the timing of the payments for both the cash and stock were all determined together with Bank of America and approved by our Management Development and Compensation Committee and our Board,” he said.
Tags: Bank of America, greed, John Thain, Merrill Lynch
