Marie Antoinette Thain Apologizes - Sort of.

By offering to reimburse Bank of America the $1.2 million it cost to remodel his office, former Merrill Lynch CEO John Thain proves he is a bit more porous to the climate around him than some of the other Maries we've mentioned thus far on this blog.  

Although query whether much credit ought to be afforded Thain, who is now playing a finger- pointing game with Bank of America as to exactly who approved the disbursement of bonuses to the executives at Merrill Lynch, even after the company posted bigger losses than expected in the fourth quarter of 2008.  The NYT reports: 

. . . Mr. Thain appeared to challenge Bank of America’s suggestion that Merrill alone was responsible for the earlier-than-usual bonuses. He said the timing, composition and size of the bonuses were all “determined together with Bank of America.”

Bank of America has countered with its version of the bonus affair, telling The Financial Times: “We never said we didn’t talk with them about it. But, in the end, it was their decision and they informed us of it.”

This sniping is revelatory of Thain's still-persistent blindness to the fact that the decision to disburse bonuses to his executives (and himself?) was bone-headed and unethical, whether or not Bank of America was involved.  One can only conclude that entitlement and greed is obscuring Thain's vision.

This all brings to mind that compared to the $4 billion in bonuses disbursed, the $1.2 million Thain is reimbursing Bank of America for the office renovation is really no money at all.