Thain says hid nothing from BofA - Yahoo! News
Former Merrill Lynch Chief Executive John Thain defended the acquisition of the brokerage by Bank of America Corp (BAC.N) and said the bank knew of Merrill's losses and bonuses before the merger closed.
In a memo to Merrill employees, Thain also said he plans to reimburse Bank of America for $1.2 million spent to renovate his office a year ago, including $35,115 reportedly spent on commode and $1,405 reportedly paid for a trash can.
He called the expenses "a mistake in the light of the world we live in today." Thain was ousted as Bank of America's head of global banking, securities and wealth management on January 22, the same day the renovation expenses were disclosed, and just three weeks after the $19.4 billion merger closed.
