John Thain - This is not 2006

Now I normally get anrgy about stuff, but John Thain has really pissed me off.

Who is this John Thain fella? Well, he's not Danish, he's the former (that God for that!) head of Merrill Lynch.

Why has he got under my skin? Well, his company, Merrill Lynch, LOST $15bn in 2008. It had been bought - essentially saved from bankruptcy - by Bank Of America. Bank of America then needed government to cover the losses that Merrill had made. Just before the deal went through in January, John Thain decided to give Merrill employees a $4bn bonus a month earlier than normal. A $4bn bonus for losing $15bn! And where did this bonus money come from, well the US taxpayer.

So to recap he used taxpayers money to pay some very well off bankers a bonus after they had lost loads of money and helped bring the world economy into recession....Wow! if he really is that stupid I could be a CEO in my sleep.

Thankfully he is now being investigated for this crime, and a supoena has been issued by the New York Attorney General.

Here is the internal memo that he sent recently regarding his actions, also note how comments have been banned as everyone was slagging him off.