Topic “Merrill Lynch”
Panel Assails A.I.G. Bailout for Distorting Market
The Congressional Oversight Panel on Thursday lambasted the government’s decision to rescue American International Group in September 2008, saying the bailout continues to have “a poisonous effect on the marketplace.”
The panel, which was created to monitor the emergency funds disbursed under the Troubled Asset Relief Program, said that the bailout initiated under the Bush administration reinforced the idea that certain businesses were too big too fail.
Read the entire story »Disturbing Decisions, Yet Robust Rewards for CEO
When he was chief executive of Merrill Lynch, John Thain paid out $3.6 billion in bonuses to Merrill employees just before the investment bank was sold to Bank of America. Thain also spent more than $1 million to redecorate his office at Merrill — a redecoration that took place even as the company was sliding deeper into a financial hole.