John Thain resigned under pressure from Bank of America on Thursday after reports he rushed out billions of dollars in bonuses to Merrill Lynch employees in his final days as CEO there, while the brokerage was suffering huge losses and just before Bank of America took it over.
Wow. What a surprise. Somebody who promised both the government and the investing public that he would use taxpayer dollars to shore up Mother Merrill's balance sheet instead threw the money out the window. That's $3 or 4B gone. GONE.
The bailout money that YOU gave to YOUR government has been stolen. The perpetrators are walking away with golden parachutes.
Nota bene: Anthony J. Alfidi no longer has any position in BAC.
