John Thain To Reimburse For Commode On Legs

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Among other things! Maria Bartiromo reports that in a memo to top Merrill executives last night (the ones that are left and the dearly departed), John Thain (kind of) apologized for the $1.2 million renovation to his office, and said he'd pay the bank back. According to JT, the redesign was made "during a very different world" and, BY THE WAY, wasn't just his office but also a couple of conference rooms. Nonetheless, it was "a mistake in light of the world we live in." Oh, and he says losses in the 4th quarter were all Stan O'Neal's fault, and that Bank of America found out about them at the same time as Merrill. Suck it, Ken Lewis.
Full memo after the jump.
Earlier: John Thain To Get Canned For Having Fabulous Taste?
Related: Let's Be Clear: I Am *With* These Idiots, Not *Of* These Idiots


via CNBC.com

To my Merrill Lynch colleagues:
It has been an honor to lead this company over the last very difficult year. The decisions that I made were always with the best interests of our shareholders and employees above all. I believe that the decision to sell to Bank of America was the right one for our company and our clients. While the execution has been difficult, I still believe in the strategic rationale of the transaction and I wish you all the best for the future of the combined companies.
I want to address several topics that have been inaccurately reported in the press. The first issue is our year end bonus payments. Our 2008 discretionary bonus pool was 41% lower than 2007. The size of the pool, its composition (cash and stock mix), 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. The total bonus pool was also substantially less than the amount allowed under our merger agreement.
The second topic is the losses in the fourth quarter, which were very large and unfortunate. However, they were incurred almost entirely on legacy positions and were due to market movements. We were completely transparent with Bank of America. They learned about these losses when we did. The acting CFO of my businesses was Bank of America's former Chief Accounting Officer. They had daily access to our p&l, our positions and our marks. Our year end balance sheet target (which we more than met) was given to us by Bank of America's CFO.
The final topic is the expenses related to my office. The $1.2 million reported in the press was for the renovation of my office, two conference rooms and a reception area. The expenses were incurred over a year ago in a very different environment. Nonetheless, they were a mistake in the light of the world we live in today. I will therefore reimburse the company for all of the costs incurred.
I thank all of you for your hard work and your support over the past year. I wish you all success in the future.
John

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John Thain Is Ready For His Next Challenge

After he was unceremoniously fired from his post at the newly formed Bank of America Merrill Lynch, for reasons that included paying out big bonuses to ML executives and decorating his office with $1,500 garbage cans, John Thain understood that he would have to recede from the limelight for a bit. Take a job at a smaller firm and keep his head down for a while. Spend more time with his honeybees. Get back to his fighting weight. Drink a raw egg for breakfast every day. Run up and down the stairs of the Met. Work in a hideously decorated space, no matter how much it hurt.  Win some awards. Get his confidence back. Let people miss him. Well, Thain did all that. And now? He's ready for you to make him an offer. Thain, currently the CEO of a small lending outfit called CIT Group, has been quietly shopping the firm to a larger player with the goal of selling possibly to a big bank and emerging as a candidate to run the bigger company, according to investment bankers with direct knowledge of the matter. Bankers say Thain began putting out feelers to sell CIT after the firm failed in its bid to purchase ING Direct earlier in the year. “They've been shopping themselves off and on because they have virtually no deposit base and thus no low-cost source of funds to run their business,” said one banker at a major firm with knowledge of CIT’s activities. “Thain may also be putting out feelers, trying to get a drumbeat going. Who knows, but it's certain he's up to something.” Anyone want to give him a big boy bank (or something) to run? Read more: http://www.foxbusiness.com/business-leaders/2012/09/24/thain-shopping-cit-group-around/#ixzz27QKGqqhE Looking For A Comeback, John Thain Shops CIT [FBN]