Charlie Gasparino reports that John Thain is to leave Bank of Amerrillwide, effective immediately. Tom Montag leaving, too.
Update: BoA claims Montag is staying.
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SHAMWOW
and no bonus…hahahaha bubye
Too fluid, didn’t read.
Merrilclops
I heard he spent 35,000 on a bunch of those fake amish fireplaces
$50 mil for Montag, for basically doing nothing for little time. WHere do I get that deal. He should be ashamed to take the money. GIVE IT BACK. GIVE IT BACK.
actually, he is getting one of these as part of his severance(in addition to a few sham-wows and a “thundering herd” snuggie):
https://www.slapchop.com/ver7/index.asp
actually, he is getting one of these as part of his severance(in addition to a few sham-wows and a “thundering herd” snuggie):
https://www.slapchop.com/ver7/index.asp
Ok, but is Thain still next in line to succeed Lewis?
What a den of vipers. Surviving employees can now hold their heads high.
http://www.cnbc.com/id/28793892
BAC going to 4?
Why Montag? Isn’t he retail, and good at it too? What was his sin, besides being close to Thain. Anyone?
Who gets his new rug and furniture, Lewis? Whats wrong, were the colors too loud?
I love how the retarded guy gets duped and buys a bum company then fires the smart guy for selling it to him. Lewis is guiding this ship right into an iceberg. SHORT that mofo and get your 5 points.
I heard he spent 35,000 on a bunch of those fake amish fireplaces
Kicked out of the expensive office, he’s now The Thain Of Corridor.
hahahahahhahahaha. Kudlow saying weed should be illegal – it’s the worst thing – gateway drug. Silly Snowman.
Thain lied through his teeth in April/March when he said that MER wouldn’t need to raise fresh equity. He saw that MER was screwed while at the LEH emergency meetings, as MER has an even worse balance sheet that LEH, so he fooled Ken Lewis into paying too much for MER.
Thain deserves to be in jail.
@17 – great reference!
looks like it ends the same way – everyone dies!
If we all knew Ken Lewis was an idiot more than a year ago, what kind of directors are on BofA’s board? He has run that biz into the ground?
20 Since when is fooling someone into paying too much for something else a crime? Its part of the game. Lewis deserves to go for being such a patsy.
Thain lied through his teeth in April/March when he said that MER wouldn’t need to raise fresh equity. He saw that MER was screwed while at the LEH emergency meetings, as MER has an even worse balance sheet that LEH, so he fooled Ken Lewis into paying too much for MER.
Thain deserves to be in jail.
Isnt Lewis the one that implied last year that he had had enough of Ibanking? Bet he’s sorry that he went back for seconds.
@17 genius
It didn’t take a genius to know ML had crap on their balance sheet. Puhleeese. Lewis is an idiot who has SDS.
(yawn). guys like this just go on garden leave for 3 months until companies like morgan stanley pick them up as ceo for a platinum handshake.
@24
For being a good salesman? Obama got the whitehouse for the same…
The LynchAmerica Countrywide merger may be (no, no is) worse than the Citicorp/Travelers merger….
@17 – great reference!
looks like it ends the same way – death and destruction!
17 – can we… just… wow. That genuinely is one of the wittiest puns I’ve ever heard. Bravo, sir, bravo. Can anyone confirm whether Ken Lewis was born by Caesarean section?
B of A board:
Board of Directors
——————————————————————————–
William Barnet, III
Chairman, President and Chief Executive Officer
The Barnet Company
Spartanburg, SC
Tommy R. Franks
Retired General
United States Army
Roosevelt, OK
Monica C. Lozano
Publisher and Chief Executive Officer
La Opiniòn
Los Angeles, CA
Thomas M. Ryan
Chairman, President and Chief Executive Officer
CVS Caremark Corporation
Woonsocket, RI
Jackie M. Ward
Retired Chairman/CEO
Computer Generation Inc.
Atlanta, GA
Frank P. Bramble, Sr.
Former Executive Officer
MBNA Corporation
Wilmington, DE
Charles K. Gifford
Former Chairman
Bank of America Corporation
Charlotte, NC
Walter E. Massey
President Emeritus
Morehouse College
Atlanta, GA
O. Temple Sloan, Jr.
Chairman
General Parts International Inc.
Raleigh, NC
John T. Collins
Chief Executive Officer
The Collins Group Inc.
Boston, MA
W. Steven Jones
Dean
Kenan-Flagler Business School
University of North Carolina
at Chapel Hill
Chapel Hill, NC
Thomas J. May
Chairman, President and Chief Executive Officer
NSTAR
Boston, MA
Meredith R. Spangler
Trustee and Board Member
C.D. Spangler Construction Company
Charlotte, NC
Gary L. Countryman
Chairman Emeritus
Liberty Mutual Group
Boston, MA
Kenneth D. Lewis
Chairman, Chief Executive Officer and President
Bank of America Corporation
Charlotte, NC
Patricia E. Mitchell
President and Chief Executive Officer
The Paley Center for Media
New York, NY
Robert L. Tillman
Former Chairman and CEO Emeritus
Lowe’s Companies Inc.
Mooresville, NC
Headlines On This Date 4 Years Ago:
“Republicans spending $42 million on inauguration while troops Die in unarmored Humvees”
“Bush extravagance exceeds any reason during tough economic times”
“Fat cats get their $42 million inauguration party, Ordinary Americans get the shaft”
Headlines Today:
“Historic Obama Inauguration will cost only $120 million”
“Obama Spends $120 million on inauguration; America Needs A Big Party”
“Everyman Obama shows America how to celebrate”
“Citibank executives contribute $8 million to Obama Inauguration”
A “commode on legs”???? A “parchment trashcan”????
What??????
Charlie you “sat on this a couple of days”??????
@32 – was Ken Lewis from his mama’s womb, untimely ripped?
35 One small detail. Four years ago was Bush’s second inauguration. And in fact Humvees were unarmoured. Shouldnt you go back to Hannity.com
Charles….finally shot yer load today, eh? How about a ciggy?
34 Thanks for that. Based on bios, not as sharp a bunch as I would have thought/hoped for.
Thain can sell water to a well and fire in hell.
Thain can sell water to a well and fire in hell.
37, 32 here… I do hope he was despatched with the words:
“We’ll have thee, as our rarer monsters are,
Painted on a pole, and underwrit,
‘Here may you see the tyrant.’”
Gasparino’s office decor bill story is a tale told by an idiot, full of sound a fury, signifying – nothing.
Too Shakespearen, didn’t read
OK, Thains out….why isn’t Lewis???? Moron let the deal close even when he found out he had been had! He should have walked away in December.
Board should toss HIS sorry ass too….on THEIR way out the door!
Hey @44 – yeah, but Gasbagool’s drool called it, no matter what fluff he had to insert to get there. He had to “sit” on the story and incubate for a few days, what else was he supposed to pull out of his arse?
$90 million Dollars goes to Montag. Does anyone remember the insurance policy that was taken out by Merrill Lynch to insure that Montag was paid his full offer of employment if he was let go within his first year? Is this policy still enforceable? Wonder if the guy who sold that insurance policy is also getting sacked today. So many hard working ML and Bank of America people who struggled to make money last year are getting totally fleeced by these two clowns! Montag’s employment contract with insurance clause can be found online!
@48. @44 here. Please, oh please tell me you are being sarcastic, right?
@49 start googling. this sorry situation has gone past sarcastic, it’s fact.
(that was meant at @47,who wrote re: Gasparino – comment must have been deleted)
looks more like $50million, discussion was $90mm for montag at the time he was hired. here is the link
http://sec.gov/Archives/edgar/data/65100/000095012308005083/y57271exv10w1.htm
i guess change and sacrifice is okay for everyone except senior executives … such gross hypocrisy!
According to Gasparino, MO got him to do the WH for a hundred grand.
@35:
1) $120MM is $106MM in 2004 dollars
2) It was Bush’s second inauguration
3) Obama’s inauguration is historic
4) A good portion of that was for security
5) You are a gigantic douchebag
A young, trophy wife, in the parlance of our times…
Let’s see, Macke vs C-Gas – I’ll take Macke, without points, in just about anything, any time.
@55 you are a retard, go back to yahoo/mtv.com
@34 re: BAC Board
Well, that pretty much explains everything
@57 – second that motion! Gassy ain’t fit to shine Macke’s shoes when it comes to real journalism
Dylan Ratigan will save us. He is dreamy!
Ratigan stands above ALL over at CNBC.
Gasbag could take a few lessons from Dylan on grace, style, humor and camera delivery (and you’ll never catch Ratigan drooling out the side of his mouth)
Ratigan would be better if he could ask a question in under 3 mintues.
Mr. Thain is in seclusion in the West wing
Moynihan to head Global Banking and wealth management; Montag to report to CEO
Bank of America today announced that Brian Moynihan has been named president of Global Banking and Global Wealth and Investment Management.
Moynihan replaces John Thain who is leaving the company.
The company also said that Tom Montag will continue to run Global Markets and will now report to Ken Lewis, Bank of America chairman and chief executive officer. Montag will also become a member of the Management Executive Team which sets strategy for the company.
Moynihan has been General Counsel of Bank of America. He will occupy that role while the company searches for his replacement. Previous to the merger with Merrill Lynch, Moynihan ran Global Corporate & Investment Banking for Bank of America. Before that, he was President of Global Wealth & Investment Management at the company.
“Brian Moynihan is a strong manager and one of those people who can effectively envision strategy and execute,” said Lewis. “He has excelled at everything we have asked him to do.” Lewis emphasized that the change in leadership in no way reflects a significant change in direction for the Global Banking or wealth management units.
“Those organizations, which formed the heart of Merrill Lynch, will continue to serve their clients as world class financial service providers,” Lewis said. “We are quite happy with their performance since the merger.”
Lewis added that, “Tom Montag is getting a well deserved promotion. He has provided strong leadership during our transition so far, and we believe that Global Markets will in the future be a significant profit center for our company.”
was he wearing a green suit when this happened?
@55 Seriously? Did the additional security cost more than Bush’s entire inauguration? You are a sheep.
&62….If Dylan Ratigan is your idea of a good personality….your taste is all in your mouth.
Chill out 67. $120 is a stimulus and it’s being paid from donations. If you don’t like it then don’t give him any money. I bet businesses in DC are enjoying it. Don’t be bitter now, just because you got your ass reamed in this election.
@67, you’re an ass clown.
Why don’t you go find a nice rooftop on your apt building or one of your buddy’s in murray hill and do us all a favor and jump off.
There was what, 18x as many people in DC Tuesday for Obama as was for Bush’s second?
And who paid for it? Familiarize yourself with the Long Tail. Or Amazon’s business model. Lots of $20 donations go a long way…..
He deserves it. His lying finally caught up to him.
http://inthon.wordpress.com/2009/01/24/john-thain-liar-extraordinaire/