John Thain, former head of Merrill Lynch, claims that all compensation decisions for Merrill people were agreed to in writing by Bank of America. And, it looks like he has proof of this. The Wall Street Journal claims to have seen a document which defined an agreement to pay up to $5.8 billion in bonuses (the final amount paid was $3.6 billion). Further, the agreement said that all compensation decisions would be made "in consultation" with BofA.
I wonder how this will play at tomorrow's BofA stockholder meeting?
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