YESSSS. Charlie Gasparino reports that Andrew Cuomo, none to happy about the fact that John Thain, subpoenaed to answer questions re: Merrill bonuses and refusing to do so, has filed motion against the former MER CEO. According to Thain, who dollars to donuts has already strapped into the old onesie, it’s because Bank of Amerillwide lawyers are “prohibiting” him from doing so. Now, that scenario has a lot of great potential, the question being, what is Bank of Amerillwide trying to hide? But we’d be lying if we didn’t say we’re hoping Thain is just purposefully being a difficult prima donna in an effort to stick it to K. Lewis.
Update: The word from Jesse Derris, Thain’s representation at Sunshine Sachs & Associates: “Bank of America attempted to direct Mr. Thain not to discuss specific [individuals'] bonus details. We continue to cooperate fully with the Attorney General’s office.”
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
He could’a been a contender.
(Wrong sport; similar demise.)
Thain is lawyered up on BAC’s dime – officers of public companies have their legal services fully paid for.
His goal: drag it out, after all it is the shareholders money – when have you heard a lawyer suggest to expedite a legal matter – it only cuts into their take. I am sure Thain’s lawyer is $1,500 per hour, which John could give a damn about. Your TARP funds at work.
If he did not have a worry, why would he hide behind lawyers? Thain is toast, lawyers are his defensive line, which Cuomo and Gasparino will easily push through.
John stop playing games and come clean. Your lawyers may be your best friends today, but they will not be doing time if you use your deceptive tactics any further. Remember never lie because they will catch you and you will do time.
Holy S it’s Russell Zizkey…..
@2- “Thain is lawyered up on BAC’s dime – officers of public companies have their legal services fully paid for.”
did you miss the part where Thain was fired?
@4
Did you miss the part where I’m sure his contract and or termination agreement includes this provision?
This is standard and barely worth arguing about.
@4 — yeah he’s gone but I’d really doubt his contract didn’t provide for post employment extension of coverage under their D & O policy …
@4 might be piling on a little but usually after senior officers of a firm leave they are covered wrt legal issues arising from their tenure.
Cuomo is a grandstanding blowhard who, like Spitzer and Giuliani before him, is motivated solely to make a name for himself for his larger political ambitions. This whole Thain/ML bonus case is completely stupid. New York state residents should be appalled that their tax money is being spent by the AG for these inane activities.
High school wrestling = thinly veiled homosexuality
@4 Officers legal is covered 100% while performing their duties and will have legal coverage even after employment ends. He was an officer of a public co. – he is raking up the legal on BAC’s dime whether you believe it, or like it.
Sunshine, Sachs and Associates? I thought for sure this was Bess F$%^ing with us. But they are real.
@9 – what wrestling ? That’s his mathlete uniform
So CNBC talking to CEO of Mylan the generic drug maker. Funny, how many states make it mandatory to dispense the generic?
A few points for editorial clarity:
1. A standard separation inclues an agreement and release (which Thain may or may not have signed by now) would always cover his legal fees related to previous employment. This isn’t unique at all, and relates to junior-level employees all the way up. Of course the quality of his representation is probably better. And undoubtedly John is represented by not just a BAC lawyer (who is focusing on what is best for BAC) but also a BAC-paid for attorney who is focusing on what is best for John. This is also not unusual.
2. As I understand it, this was actually an interview, not a subpeona. It’s a large difference, legally speaking. Technically, Thain was meeting with Cuomo on a voluntary basis and is thus given a great deal of discretion in terms of what he wants to answer or not. There is no court reporter, etc. Lewis was subpeona-ed. Undoubtedly the “order” that Gasparino is referring to relates to turning the “interview” into a subpeona.
3. It’s not a onesie. The technical term is a singlet.
11,
Very informative site: http://www.kensunshineconsultants.com/
Simple legal equation:
more lawyers = more guilt squared
@14- your understanding is wrong.
http://money.cnn.com/2009/01/27/news/companies/thain_subpoena.reut/
@14, onesie is funny. Cliff Clavin is not.
Sunshine, Sachs? For a minute I thought that was made up.
19,
I’m out of the loop. Apparently, pretty choice clients.
“Sunshine Sachs. The first time we went to this party, years ago, it was in the company offices, and Leonardo DiCaprio was lounging around in an office chair in the corner of someone’s cubicle. This time around, it was at One Little West 12th Street, which shut down for the event and sported a velvet rope out in front. John Mayer showed up, and the Reverend Al Sharpton. Isiah Thomas and the Insider’s Pat O’Brien sat in a corner booth, causing one partier who had worked with O’Brien in the past to snipe, “Look, it’s like the misogynist’s corner!” We asked a Sunshine Sachs employee why Thomas was there anyway, and found that they do his PR. We spent the rest of the night asking fellow partiers, “Can you believe someone has been doing Isiah Thomas’s PR this whole time??” The bar was open, with suggested Ciroc drinks like the “Truffletini” and “The Diddy” which everyone ignored in favor of white wine and vodka-sodas. The passed hors d’oeuvre were quite delicious, with a variety of pizza bites and some surprisingly hot double-baked potatoes. The crowd was largely publicists and gossip reporters (“Since when does a holiday party have a VIP room?” wondered OK! scribe Laura Schreffler. “You should really check out the band Gogol Bordello,” advised George Rush.). Briefly, Mediabistro.com founder Laurel Toby danced on a banquette, but by 9:30 everyone was tired and old.”
http://nymag.com/daily/intel/2007/12/john_mayer_was_the_secondtalle.html
There is 0 upside for Thain to testify. He is going to be pilloried and he knows it. He doesn’t want to testify, BAC doesn’t want him to testify, there will be promises of immunity before Johnny boy goes to the mat.
Jesse Derris
149 Fifth Ave, 7th Floor
New York, NY 10010
212-691-2800
@22- what was the point of that? really.
I smell jail for Johnny boy!
The comode comes handy in jail cell
ha ha ha…
Well now in his last report Gasparino named quite a few names.
@25- what are you talking about? it’s not a secret who the names are (top 15 guys), the pt is BAC supposedly wont let Thain answer questions about their individual bonuses.
#26–Who are the 15?
Lewis says he had no input in the MER bonus process and that Thain was operating as a “rogue CEO”, handing out money to his friends even though he knew his bank was in trouble.
Thain says BAC people knew who was getting how much and gave at least their tacit approval.
Can’t both be telling the truth. Time to lawyer up.
Too invidual, didn’t spell check
John Thain + Onesie = Hot