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- Born: May 26, 1955
- Birthplace: United Kingdom
- Alma-mater: Massachusetts Institute of Technology
- Net Worth: $300 million or more
- 1977: Graduated from Massachusetts Institute of Technology with a bachelor's degree in Electrical Engineering
- 1979: Earned his master in business from Harvard Business School
- 1999-2003: President and co-Chief Operating Officer of Goldman Sachs
- 2004-1007: CEO of the New York Stock Exchange.
- December 2007: Became chairman of the board and chief executive officer of Merrill Lynch
- September, 2008: Arranged merger between Bank of America and Merrill Lunch
- January 25, 2009: Resigned from Bank of America
- {{: item:2008 Financial Crisis}}
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John Thain was the CEO of Merrill Lynch from December 2007 to January, 2009, when Bank of America bought Merrill Lynch. Thain was forced to resign from Bank of America on January 22, 2009 after allegations surfaced that he gave billions of dollars of bailout money as bonuses to Merrill Lynch employees and spent millions of dollars decorating his office.Financial Times: Lynched at Merrill (January 25, 2009) Thain's interim replacement is Brian Moynihan.Bank of America: Bank of America Names Moynihan to Head Global Banking and Wealth Management (January 22, 2009)
Bonus Scandal
Several news sources have reported that Thain was allegedly responsible for allocating $4 billion of TARP bailout funds for bonuses to Merrill Lynch employees. Whether or not Thain himself requested a bonus for 2008 was in dispute. Financial Times: Lynched at Merrill (January 25, 2009) On December 8, 2008, CNBC reported that, contrary to an earlier Wall Street Journal report, Thain has requested that he not receive a bonus for 2008.Reuters: Merrill's Thain to get zero bonus for 2008 (December 8, 2008)The earlier report that Thain was asking for a $5-10 million bonus, despite the financial crisis that grips the nation, brought sharp criticism.New York Times: Cuomo Urges Merrill to Reject Bonus for Thain (December 8, 2008)-
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John Thain Questions
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Who is the "Zimmerman" mentioned in John Lennon's song God 2000? 1 AnswerThat would be Robert Allen Zimmerman also known as Bob Dylan http://www.mahalo.com/search?q=robert+zimmerman read more -
Should John C. Dvorak be a comedian? 6 AnswersWould I go see him do a standup act? Probably not. I'm not sure he could do stand-up. I think too much of what comes out of his mouth would go over people's h... read more
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On Twitter Powered by Twitter
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@CGasparino 1 part whole wheat noodles, 1 part marinara sauce, 1 part John Thain
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John Thain Mulls Move to Private Equity - Ethio Planet News: John Thain Mulls Move to Private Equ.. http://bit.ly/08NSBFP #goldmansachs
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John Thain to run Bank of America? That's the state of affairs on lack of candidates for BoFA http://bit.ly/7s0FWs
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My blog on the 'race' to replace Bank of America's Ken Lewis http://bit.ly/Y8hK3 and why John Thain is an interesting addition
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