John Thain

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)

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)