History already unkind to Thain, Lewis

The media heavyweights are weighing in on the Bank of America-Merrill Lynch fiasco with lengthy retrospectives on what went wrong. The latest to publish: The New York Times. It offers a look that once again is unkind to the CEOs of both companies. Lewis looks bad for buying into a stinking morass of a company, raising questions about his due diligence, judgment and accountability. Thain comes off even worse.

This article discusses among other things the intense PR campaign he embarked on when he was hired, which led to glowing press while he was already losing tough with the company. Apparently, he insulated himself with former execs and never truly repaired the company. The credit crisis exposed all. His bonus authorization as the ship was sinking--the article suggested he felt he was especially deserving of $40 million--and the office renovation shenanigans were the final crack in the carefully constructed facade. The bonus payments, Merrill argued, was for a job well done on inking the Bank of America deal, not for their performance in the disastrous 2008. The concept is novel, but you have to admit, they did quite a sales job. 

For more:
- here's the article

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