Former U.S. Secretary of the Treasury Timothy Geithner has a funny anecdote on page 166 of his new book, “Stress Test,” about then-Merrill Lynch CEO John Thain. Bloomberg View’s Matt Levine pointed it out.
“When Merrill Lynch CEO John Thain brought his team to see me that spring, there was an awkward moment when it became clear he didn’t know the name of his chief risk officer, who was sitting right next to him.”
Thain was still new to Merrill. He had just left his post as CEO of the New York Stock Exchange to head the firm.
Thain, who infamously spent $US1.2 million to refurbish his office, was the last CEO before the firm merged with Bank of America during the crisis.
He was ousted from Bank of America in 2009.
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