The Merger That Ruined Lewis
Nomi Prins is author of It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street (Wiley, September, 2009). Before becoming a journalist, she worked on Wall Street as a managing director at Goldman Sachs, and running the international analytics group at Bear Stearns in London.
Bank of America CEO Ken Lewis was the classic American success story. But he had a weakness for big deals-and his resignation was inevitable from the second he agreed to take on Merrill Lynch.
Stop Hammering Hank
Charles Gasparino is CNBC's On-Air Editor and appears as a daily member of CNBC's ensemble. He is a columnist for the Daily Beast and a frequent contributor to the New York Post, Forbes, and other publications. His forthcoming book about the financial crisis, The Sellout, is scheduled to be published later in 2009.
Ex-Treasury Secretary Henry Paulson testifies today about forcing Ken Lewis and BofA to take over Merrill Lynch. Charlie Gasparino argues the shotgun marriage may have saved the market.
Excuses, Excuses
Charles Gasparino is CNBC's On-Air Editor and appears as a daily member of CNBC's ensemble. He is a columnist for the Daily Beast and a frequent contributor to the New York Post, Forbes, and other publications. His forthcoming book about the financial crisis, The Sellout, is scheduled to be published later in 2009.
As even President Obama raps the former Merrill CEO for his $1.22 million office renovation, many of his peers are defending what he spent as acceptable. Why Wall Street still doesn't get it.
John Thain's Top 16 Outrages
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How did Merrill Lynch's former CEO spend $1.22 million redecorating his office? The Daily Beast counts the ways.
John Thain's $87,000 Rug
Charles Gasparino is CNBC's On-Air Editor and appears as a daily member of CNBC's ensemble. He is a columnist for the Daily Beast and a frequent contributor to the New York Post, Forbes, and other publications. His forthcoming book about the financial crisis, The Sellout, is scheduled to be published later in 2009.
In a Daily Beast/CNBC exclusive, Charlie Gasparino reveals how Merrill Lynch's CEO spent over $1 million to redecorate his office last year-even as the firm faced a financial crisis.
Lloyd Grove is editor at large for The Daily Beast. He is also a frequent contributor to New York magazine and was a contributing editor for Condé Nast Portfolio. He wrote a gossip column for the New York Daily News from 2003 to 2006. Prior to that, he wrote the Reliable Source column for the Washington Post, where he spent 23 years covering politics, the media, and other subjects.
The Daily Beast Video curates the most essential and entertaining video, and brings you original and exclusive productions from our talented contributors.
Peter Beinart, senior political writer for The Daily Beast, is a professor of journalism and political science at City University of New York and a senior fellow at the New America Foundation.
Gerald Posner is The Daily Beast's Chief Investigative Reporter. He's the award-winning author of 10 investigative nonfiction bestsellers, ranging from political assassinations, to Nazi war criminals, to 9/11, to terrorism. His latest book, Miami Babylon: Crime, Wealth and Power—A Dispatch from the Beach, was published in October. He lives in Miami Beach with his wife, the author Trisha Posner.
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