Thain is OUT!

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burtonfinancial1's picture
Joined: 2008-09-30

Breaking news- Fox reporting Thain's resignation right now 8:50 AM mountain. Can't wait to hear all the postulating on this one... fire away guys. 

go_huskies's picture
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Joined: 2008-12-11

train is falling off the tracks, epic disaster for all parties...
 
really feel bad for all the fa's both from merrill and bac, no one deserves this bs

B24's picture
B24
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Joined: 2008-07-08

Bank of America will continue to let Merrill be their own firm.  They are not going to get involved in Merrill's business.  I don't see things changing one bit for Merrill.

 
This is what I kept hearing from my buddies trying to recruit me over there to their team.  Not to say that Jones is all high and mighty, I am just thanking god that I did not decide to join them a year ago before the sh1t hit the fan.  I am just not interested in the "extra-curricular" stuff those FA's have to deal with right now.  I actually feel bad.  My friends are good people and good advisors.  And I know they are dealing with all of this the best they can.

gr8ful's picture
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Joined: 2007-10-31

Not to say we told you so.  But, we told you so.  Next will be the compensation plan changes, due to blah blah blah.  Its a never ending story here at BAC.

burtonfinancial1's picture
Joined: 2008-09-30

If you're an FA at ML, I don't care if you're LOS 2 or 25, you're a FOOL if you're not actively exploring your options.  

Gulfstream's picture
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Joined: 2009-01-22

Who will replace Thain? Sallie? What happened to, "Thain saved Merrill????"Also, this is just my hunch but, does Thain wear a toupee?

daytradah's picture
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Joined: 2006-11-05

This is the standard BAC operating procedure.  Nothing will change until the signatures are secured and we decide to change it.
 
MER advisors.....you now must take your Ostrich heads out of the sand or YOU ARE GOING TO POUND SAND.
 
The confiscation of your book and your ownership( and future retirement benefit in selling your valuable asset)  is about 75% complete. All in the matter of 60 days......
 
Ahhhem....I told you so.
 
As they say in East LA. . . Chu Got Plaid Mang!

daytradah's picture
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Joined: 2006-11-05

Lewis has a history of buying high and selling low.....He bought BAC and that is also proving to be right in line with his outstanding record of spotting deep value.
 

Vin Diesel's picture
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Joined: 2007-04-18

I think Thain is getting a bad rap...If it wasn't for him, ML would been gone ala Lehman Bros. He got a Great price for a overrated firm in terrible market conditions.

ML should try to get spunoff into that SB & MS company

burtonfinancial1's picture
Joined: 2008-09-30

Thain is a freakin' piece of work. Check out this excerpt concerning his 2008 lower Manhattan office remodel:Thain's
purchases include: $87,000 for an area rug in Thain's conference room
and another area rug for $44,000; a "mahogany pedestal table" for
$25,000; a "19th Century Credenza" in Thain's office for $68,000; a
sofa for $15,000; four pairs curtains for $28,000; a pair of guest
chairs for $87,000; a "George IV Desk" for $18,000; 6 wall sconces for
$2,700; six chairs in his private dining room for $37,000; a mirror in
his private dining room for $5,000; a chandelier in the private dining
room for $13,000; fabric for a "Roman Shade" for $11,000; a "custom
coffee table" for $16,000; something called a "commode on legs" for
$35,000; a "Regency Chairs" for $24,000; "40 yards of farbric for wall
panels," for $5,000 and a "parchment waste can" for $1,400.

overhead's picture
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Joined: 2005-08-11

I am sad to say that I am smiling as I read this.  BAC wiped out all of its market level management team in favor of going with Merrill's.  Now there will be no ML management team to turn to.  Get ready for a bunch of consumer bankers to step in and "lead" the remaining FA's to prosperity.  Make sure you wear your badge and a smile as you are a banker now.  Good luck...

liquid's picture
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Joined: 2007-06-09

Does he get to take the office goodies with him?

burtonfinancial1's picture
Joined: 2008-09-30

I call dibbs on that sweet trash can!

Lumberg's picture
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Joined: 2008-10-13

McCann and Thain out in the first 30 days....not good.  I wonder how many top producers leave in the next 30 days.

SometimesNowhere's picture
Joined: 2008-12-22

burtonfinancial1 wrote: Thain is a freakin' piece of work. Check out this excerpt concerning his 2008 lower Manhattan office remodel:Thain's purchases include: $87,000 for an area rug in Thain's conference room and another area rug for $44,000; a "mahogany pedestal table" for $25,000; a "19th Century Credenza" in Thain's office for $68,000; a sofa for $15,000; four pairs curtains for $28,000; a pair of guest chairs for $87,000; a "George IV Desk" for $18,000; 6 wall sconces for $2,700; six chairs in his private dining room for $37,000; a mirror in his private dining room for $5,000; a chandelier in the private dining room for $13,000; fabric for a "Roman Shade" for $11,000; a "custom coffee table" for $16,000; something called a "commode on legs" for $35,000; a "Regency Chairs" for $24,000; "40 yards of farbric for wall panels," for $5,000 and a "parchment waste can" for $1,400.
 
That's weak.
 
Sincerely,
Dennis Kozlowski

now_indy's picture
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Joined: 2006-07-28

That "commode on legs" better do some pretty cool stuff...

Gulfstream's picture
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Joined: 2009-01-22

I wonder how much his toupee was?

burtonfinancial1's picture
Joined: 2008-09-30

Thain out, Moynihan in!  I've posted at least twice in this forum somewhere that it just a matter of time before BAC would replace key leadership at ML with BAC lackies like Moynihan. Sure BAC wanted a premium wealth management business. Want to know what the future of ML is? Just look at the lackluster investment management business BAC built with their best efforts! An excerpt on this from newswires:Lewis, in the past, has spoken out about his dislike of the
investment banking business. In October 2007, after Bank of America
posted a 32 percent drop in third quarter profit, hurt heavily by
investment banking results, Lewis said: "I've had all of the fun I can
stand in investment banking at the moment. So to get bigger in it is
not something I really want to do."Soon after the announcement of Thain's departure, Bank of America named its general counsel, Brian Moynihan, to succeed him.With
Thain gone, Paul Miller, an analyst at Friedman, Billings, Ramsey &
Co., said Lewis is likely to wind down many parts of Merrill's
operations as he integrates the investment bank.Lewis picked up
Merrill with his eyes on the retail brokerage business, Miller said.
Internally, Bank of America has spent heavily in recent years to build
out an investment banking group, but it was still much smaller than
Wall Street peers.While retail brokerage might be appealing to
Lewis and Bank of America, Miller said the riskier parts of the
business are likely to be shut down, possibly including the fixed
income and structured finance divisions.

avise's picture
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Joined: 2007-12-12

When you picked up your FT this morning did you think Thain would make it through the day? That kind of news, in this kind of environment? These companies will all probably end up going through "Public Recapitalization", Steve Pearlstein's suggested euphemism for nationalization. The Thain news just makes it more likely that the taxpayer will want very wealthy scalps as payback.

avise's picture
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Joined: 2007-12-12

avise wrote:The Thain news just makes it more likely that the taxpayer will want very wealthy scalps as payback.
I mean the cynical $4B in bonuses just before the BAC takeover, not today's firing.

B24's picture
B24
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Joined: 2008-07-08

SometimesNowhere wrote: burtonfinancial1 wrote: Thain is a freakin' piece of work. Check out this excerpt concerning his 2008 lower Manhattan office remodel:Thain's purchases include: $87,000 for an area rug in Thain's conference room and another area rug for $44,000; a "mahogany pedestal table" for $25,000; a "19th Century Credenza" in Thain's office for $68,000; a sofa for $15,000; four pairs curtains for $28,000; a pair of guest chairs for $87,000; a "George IV Desk" for $18,000; 6 wall sconces for $2,700; six chairs in his private dining room for $37,000; a mirror in his private dining room for $5,000; a chandelier in the private dining room for $13,000; fabric for a "Roman Shade" for $11,000; a "custom coffee table" for $16,000; something called a "commode on legs" for $35,000; a "Regency Chairs" for $24,000; "40 yards of farbric for wall panels," for $5,000 and a "parchment waste can" for $1,400.
 
That's weak.
 
Sincerely,
Dennis Kozlowski

Blast from the past.

go_huskies's picture
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Joined: 2008-12-11

SometimesNowhere wrote:burtonfinancial1 wrote: Thain is a freakin' piece of work. Check out this excerpt concerning his 2008 lower Manhattan office remodel:Thain's purchases include: $87,000 for an area rug in Thain's conference room and another area rug for $44,000; a "mahogany pedestal table" for $25,000; a "19th Century Credenza" in Thain's office for $68,000; a sofa for $15,000; four pairs curtains for $28,000; a pair of guest chairs for $87,000; a "George IV Desk" for $18,000; 6 wall sconces for $2,700; six chairs in his private dining room for $37,000; a mirror in his private dining room for $5,000; a chandelier in the private dining room for $13,000; fabric for a "Roman Shade" for $11,000; a "custom coffee table" for $16,000; something called a "commode on legs" for $35,000; a "Regency Chairs" for $24,000; "40 yards of farbric for wall panels," for $5,000 and a "parchment waste can" for $1,400.
 
That's weak.
 
Sincerely,
Dennis Kozlowski
 
thain deserves a flaming pineapple lined with razor blades shoved up his ass for his decadence.  what an epic asshole!  hope he rots in hell...

daytradah's picture
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Joined: 2006-11-05

Don't Hate the Playah, Hate the TARP....
Merrill's Thain Resigns, Could Be Devastating to Advisors

By Donna Mitchell
January 22, 2009

Former Merrill Lynch chief executive officer John Thain, who recently was head of the brokerage's wealth management and corporate investment banking divisions, resigned today.
The announcement came after a morning meeting between Thain and Bank of America chief executive officer Kenneth Lewis, during which the two men discussed Thain's future at the company, according to CNBC. It also coincided with the combined company's plans to lay off employees from its investment banking business.
Merrill Lynch and Bank of America did not return calls seeking comment, but a public statement from Bank of America said Brian Moynihan was named as president of global banking and global wealth management and investment management.
Moynihan, general counsel for Bank of America, is no stranger to wealth management, having once served as president of global wealth and investment management at the bank.
 

go_huskies's picture
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Joined: 2008-12-11

i worked under moynihan at fleet/quick&reilly for a brief time in my early days (yes i'll admit it-had to eat). 
 
i recall a presentation where he spent much time explaining how much the "firm" makes from checking accounts, but hadn't a clue about managed money. he preferred the commission product with it's "big up front payouts".
 
granted, that was years ago, but...  the indy channel is about to explode!

Sportsfreakbob's picture
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Joined: 2008-08-24

A lawyer running the joint!!! Sounds great.Actually, sounds familiar. Remember Chuck Prince?Good luck guys. Welcome to the wonderful world of the universal banking model.

today1's picture
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Joined: 2008-05-07

 the next head rolling should be lewis.  i cant believe shareholders havent organized to oust him.  all he cares about is getting bigger and being the largest in every segment of financial services.  he cares nothing of quality only quantity.  now all bofa is a giant pot of gumbo that looks and tastes like $hit.

whitey1's picture
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Joined: 2008-05-23

Dont run for the door--------------sprint!!!!!!!!!!!!!!!!!!
 
Watch out for cronies, unqualified minorities, and lackies getting promoted into positions of extreme power.
 
These are the same people who let a bunch of their brokers get dinged on ARS by being one of the last to settle. Their initial response was, that "this is a phenomenal lending opportunity".  I kid you not (I guess they had big lending goals that quarter!!!!)

kappa1997's picture
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Joined: 2006-08-14

Worlds are colliding

HymanRoth's picture
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Joined: 2008-08-25

burtonfinancial1 wrote:
Thain is a freakin' piece of work. Check out this excerpt concerning his 2008 lower Manhattan office remodel:Thain's
purchases include: $87,000 for an area rug in Thain's conference room
and another area rug for $44,000; a "mahogany pedestal table" for
$25,000; a "19th Century Credenza" in Thain's office for $68,000; a
sofa for $15,000; four pairs curtains for $28,000; a pair of guest
chairs for $87,000; a "George IV Desk" for $18,000; 6 wall sconces for
$2,700; six chairs in his private dining room for $37,000; a mirror in
his private dining room for $5,000; a chandelier in the private dining
room for $13,000; fabric for a "Roman Shade" for $11,000; a "custom
coffee table" for $16,000; something called a "commode on legs" for
$35,000; a "Regency Chairs" for $24,000; "40 yards of farbric for wall
panels," for $5,000 and a "parchment waste can" for $1,400.
Todd Robinson, former chairman of LPL, used to have a SWEET converted Chevy Suburban limo.  I mean the inside was gorgeous custom leather.  His personal driver was the nicest guy in the world, with a huge smile, and when he picked you up he held the door wide open and made you feel like a king.  Cold drinks and a fresh newspaper in the back.Reason I know this is that when they would bring recruits up to Boston for a visit, they would send you back to your hotel or the airport in Mr. Robinson's limo(if he wasn't using it).  It was a nice touch after a long day of meetings....felt like it kinda told me something about the company.Meanwhile, if this were MER you would probably be given a voucher for a cab while Thain's unused limo sat idling at the curb and he sat upstairs in his multimillion dollar office.  What a disgusting friggin' waste of shareholder money, and what a sign of arrogance.  Oh yeah...and a wirehouse payout to add insult to injury.I don't even have a dog in this fight and I'm pissed.For all the crap we give each other, I'm honestly sorry to see all you wire guys have to go through this.

bancofamigo's picture
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Joined: 2008-04-05

Moynihan is not an attorney. He was in charge of "Wealth Management" at Fleet/Quick & Riley over about 700 FA's on a discount platform, one that was pretty cheesy and cost BofA a bunch of money in fines and settlements after they did the same due dillegence they did on Merrill. Then he was over GWIM at BofA and took the advisor force from 2800 to 1700 while implementing a requirement for FA's to enter notes to qualify for their trials to be paid back in depreciating BofA stock. He orchestrated the US Trust deal and chased the head out over arguments about whether US Trust clients would pay ATM fees and if they could still entertain potential and existing clients in NYC. BofA still refers to that acquisition as one of its most disappointing.

BACFA's picture
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Joined: 2006-03-26

bancofamigo is right about Moynihan.  I met him years ago at Fleet Bank/Bank of America merger meeting. 
 

Thain may have been a bit greedy with his office and the sneaky bonuses but at least he: 1. Got the firm sold in a weekend before it went bankrupt, and 2. Actually ran a brokerage firm.  The new management in place at BAC are first and foremost bankers. They did a horrendous job integrating Fleet advisors. 

TheDudeAbides's picture
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Joined: 2009-01-20

Yeah, sure- Thain's made some bad decisions- but he did save MER the weekend Lehman went under.  What I find weird though, and creepy, is how they saved the story on how much he spent on his office until the day he quit/resigned.  It was a year ago.  They're obviously trying to make Thain look bad, divert attention away from Lewis.  This whole thing is just plain wrong.  How embarassing.    

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