John Thain strikes back

Merrill Lynch CEO is feeling some heat right. The latest source of controversy: his decision to sell Merrill Lynch's portfolio of collateralized debt obligations at 22 cents on the dollar. That has led many to speculation about the value of similar assets at other firms. Thain tells the New York Times the opportunity might have proved fleeting; he had to act for employees and presumably shareholders. Another source of criticism: his decision to sell nearly $10 billion in new stock last month. The offering would have been cheaper if he had waited until various provisions in other deals expired. All in all, you have to give Thain credit for this; he is not sitting on his hands hoping problems go away. In July, he inked seven large deals, the Times notes. He was brought in to the fix the firm and he is taking very active steps to that end. He'll have the satisfaction of knowing that win or lose, he will be judged by his actions.     

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On the hot seat: Merrill Lynch's John Thain