Here are some additional items related to John Thain's veritable execution:
First, some humor:
Second, a quick John Thain mix tape:
- Some analysis on John Thain's tenure and firing from the FT.
- Similar analysis as the above from the WSJ.
- John Thain's farewell memo to his employees, where he claims that BofA knew everything(WSJ).
- John Thain defends his tenure at Merrill Lynch (WSJ).
- An interactive graphic from the WSJ looking at the stock performance of BofA and MER starting from July of '07.
Needless to say B-schools have their newest case study on ill-conceived mergers as this is shaping up to be the worse merger of all time by a rather significant margin, and somewhere Time-Warner (TWX), HP (HPQ) and Daimler Chrysler (DAI) executives are all thinking: "thank god, maybe people will stop talking about us when they bring up the worst mergers of all time".
The sad part is that the Countrywide buyout could turn out to be another big mistake on the part of Ken Lewis and company, because when all is said and done they may very well have paid billions for money losing CFC's branch offices and not much else, once you factor in the debt, bad loans, etc.
Disclosure: at the time of publishing the author didn't own a position in any of the companies mentioned in this article; the ideas expressed are solely the opinions of the author and shouldn't be viewed as financial or investment advice.