Merrill staffers fumed earlier this week when the news leaked about John Thain’s infamous office redecoration. As today’s news about Bank of America’s bonus deferrals spreads, however, we imagine that Merrill execs will see their ousted leader in a new light.
Bank of America (BAC) just decided to postpone all bonuses bigger than $50,000 to 2010 and beyond. It is likely that this was a response to the outrage about Thain’s decision to accelerate bonus payments to three days before the banks combined. It is also possible, however, that the reason Thain accelerated those payments is that he knew that Ken Lewis and Bank of America might do something like this.
So, Merrill folks, do you still hate John Thain?