First, he was virtually ignored in reports of that meeting of the bank chiefs with Bernanke and Paulson last week, even though he was there. Now, John Thain has been dropped from SmartMoney’s annual “Power 30” list. Instead, they swapped him out for BofA CEO Ken Lewis in order to be “as timely as possible.”
Hey, that merger’s not closed yet. Thain’s still technically in power for a few more months. Oh well, at least Thain’s not being harassed outside his apartment like Stan O’Neal.
Portfolio‘s Mixed Media blog: The market’s unpredictable gyrations have forced some long-lead magazines into calling audibles to avoid embarrassment. That’s what happened at SmartMoney, where, I’m told, Merrill Lynch CEO John Thain was originally tabbed to appear on this year’s edition of the annual “Power 30” list.
It was Thain, of course, who presided over the $50 billion sale of Merrill Lynch to Bank of America last month — right around the time SmartMoney was putting its list to bed. While he has been praised in some quarters for preventing a complete evaporation of Merrill’s value with decisive action, he’s still the guy who sold the company for half of what it was worth when he took over.
So it’s no surprise that Thain didn’t make the final cut — while Bank of America CEO Kenneth Lewis did.
SmartMoney‘s editor in chief, Jonathan Dahl…says, “We did switch him out because we wanted to be as timely as possible.”
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