BofA: Our Hands Were Tied On Bonuses, Losses Were A Shock

We’re just a few minutes away from John Thain’s big interview with Maria Bartiromo, but here’s what BofA (BAC) is leaking through CNBC’s Charlie Gasparino.

Its hands were tied on Merrill bonuses. It didn’t have any legal authority to limit Merrill’s bonuses before the merger was completed, which suggests that the bonuses weren’t actually a surprise.

The loss was way more than expected. Contrary to Thain’s claims, the Q4 loss did come as a shock by the time that it was revealed.

Still nothing official — all this is from Charlie. Stay tuned for coverage of the big interview.

See Also:
John Thain’s Memo: Ken Lewis Knew Everything


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