nakedcapitalism.com - 1/23/2009
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Bank of America CEO Ken Lewis gave former Merrill chief John Thain an unceremonious heave-ho earlier today, a mere month after the Merrill deal closed, after one too many nasty surprises: the deterioration of Merrill in the fourth quarter, the revelation that Merrill effectively stiffed BofA ...
bloomberg.com - 1/23/2009
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bloomberg.com —
Jan. 22 (Bloomberg) -- New York Attorney General
Andrew Cuomo is investigating bonuses Merrill Lynch & Co....
paid to its executives just before the sale to Bank of America Corp., a person familiar with the probe said. There have been reports of what ...
(more)
New York Attorney General Cuomo Said to Probe Merrill ...
dealbook.blogs.nytimes.com - 1/16/2009
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dealbook.blogs.nytimes.com —
Bank's of America's not-so-surprising announcement on Friday that
it is being bailed out by the federal government...
because of excessive losses at its new Merrill Lynch subsidiary raises a number of questions. The most significant of these is what did ...
(more)
Did Bank of America Mislead Investors?
oag.state.ny.us - 1/27/2009
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oag.state.ny.us —
CUOMO REGARDING NEW DEVELOPMENTS IN INVESTIGATION OF MERRILL
LYNCH BONUSES AND BANK OF AMERICA"Today, as part of...
our ongoing inquiry into executive compensation issues at institutions who have received TARP funds, my Office issued subpoenas seeking ...
(more)
STATEMENT FROM ATTORNEY GENERAL ANDREW CUOMO REGARDING ...
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"Pimp My Ride": Thain's $1.2 Million Office Remodel
EconomPic —
Naked Capitalism reports John Thain spent upwards of $1.2mm on an upgrade of his "suite" upon joining Merrill Lynch. After all, what's a million here and there when you're losing 10-50,000x that (yes... 50,000x that). Below is a breakout of ~$400k of that total (rumor has it the ...
Friday links: model malaise
Abnormal Returns —
... differential between financial services and the rest of the economy to close. (NYTimes.com)
Goldman Sachs’ once pristine image is now in tatters, along with the rest of Wall Street. (Epicurean Dealmaker)
John Thain forgot that it is no longer 2007 and toilets need not cost $35,000. (Curious Capitalist, Clusterstock, naked capitalism, EconomPic Data)
We are already ...
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Ken Lewis, the Master Government Negotiator
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No, Wait! You Got It Backwards!
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Parsing Thain: You're Not Going to Take My Milk Money
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Thinking about Citigroup and Bank of America — Given to Fincorp Clients 3/4/09
When the government gets involved in business, the rules of the game change. Creditworthiness becomes less of an “analyze the metrics” affair, and more of a “how strong of a guarantee” affair. ...
Core Competence —
The Big Money 1/21/2009
It’s been three months since they first got wind that TARP funds might drift their way, but lifeline-receiving banks are guarding the rope that would rescue the economy with unusual tenacity. They’re not lending, and that unwillingness has ...
Apple Astounds —
The Big Money 1/22/2009
What recession? That was the defiant message Apple sent to the markets following the close of trade on Wednesday, posting better-than-expected profits on record sales last quarter, thanks to unsinkable demand for the iPod and iPhone . Consumers ...
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The Economist: Full print edition 1/22/2009
Citigroup confirmed a big shake-up in its corporate structure as it reported a net loss for the fourth quarter of $8.3 billion. Speculation mounted that it would soon offload Nikko Cordial Securities, its Japanese broking unit, which it bought only a ...
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