Archive | January, 2009

Treasury pushes Citi to cancel jet order

The US financial sector’s new political masters began exerting their influence as Citigroup was forced to scrap the purchase of a $50m executive jet that was seen as a misuse of money at a time when the bank is reliant on public support

Merrill points to ‘legacy positions’

John Thain says that he ‘inherited’ the problems of the investment bank and that Bank of America were aware of Merrill’s exposure

Thain adamant he inherited Merrill’s losses

John Thain has defended his stewardship of Merrill Lynch during the fourth quarter when the investment bank recorded $15.3bn in losses, saying: “The vast majority of losses were from the position that had been there since I started.”

Thain admits $1.2m office refit ‘mistake’

The former CEO of Merrill Lynch insisted that Bank of America was fully aware of his plans to pay out bonuses before its transaction to take over the investment firm closed

BofA had role in Merrill bonuses

Bank of America played a role in Merrill Lynch’s decision to pay $4bn in bonuses in December as mounting losses were threatening to derail BofA’s takeover of the Wall Street firm

Obama aide says bail-out may not be enough

A top economic adviser to President Barack Obama refused to rule out the possibility that the administration would seek more money from Congress to rescue the US banking system

Lynched at Merrill

The sale of Merrill Lynch to Bank of America enhanced John Thain’s reputation as a miracle-worker until record losses, a bonus scandal and simmering enmity undid him

BofA axes Thain as Merrill deal sours

John Thain was ousted from Bank of America, just three weeks after closing the sale of Merrill Lynch to BofA, plunging the company into crisis and raising new questions about the government’s efforts to save the banking industry

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