John Thain

BofA Accused of Hiding Merrill Lynch Bad News Before Buyout

Top executives at Bank of America did not tell shareholders just prior to a 2008 vote on its purchase of Merrill Lynch that its losses were mounting, papers filed in shareholder litigation show. But the bank says it should not be liable to shareholders in the matter.

Seven Villians of the Financial Crisis: Where Are They Now?

The financial crisis was produced by a complex set of circumstances, including a massive housing bubble, poor regulation and irresponsible lending on an epic scale. A handful of bankers became the public faces of the crisis, and now, two years later, we take a look at what became of them.

CNBC Anchor's Book Is a Fly on the Wall for Lehman's Fall

This week marks the second anniversary of an event that shook the financial industry to its core. In her newly released book, 'The Weekend that Changed Wall Street,' CNBC anchor Maria Bartiromo gives an insider's look at the fateful days surrounding the fall of Lehman Brothers.

Legal Briefing: BofA/Merrill Lynch Lawsuit Moves Ahead

The SEC settled its case against Bank of America for failing to disclose Merrill Lynch's losses and bonus plans before their merger, but BofA shareholders are still seeking justice. On Friday, a judge refused to dismiss their claims, meaning they'll get their chance at a trial.

CIT Group Reports Quarterly Earnings of $142.1 Million

CIT Group (CIT) reported that net earnings for the second quarter jumped to $142.1 million, or 71 cents per diluted share, from $97.3 million, or 49 cents per diluted share, in the previous quarter. Net income rose thanks to gains on sales of assets and recoveries of pre-FSA charged-off receivables, the company said in a statement. CIT%u2019s Corporate Finance unit completed sales of a joint venture and other assets for a total of about $890 million, proceeds of which were used to pay down debt.

Merrill Lynch: Pay it back, baby?

President Barack Obama called it "shameful." Senator Christopher Dodd says he knows what we're all thinking: "this infuriates the American people,...