Fired John Thain will reimburse Bank of America for the money spent

John Thain, a former CEO of Merrill Lynch, resigned last week after taking a wrong decision to pay out bonuses to the executives of Merrill Lynch before the completion of the merger with Bank of America, has offered BofA to reimburse for about $1.2 million spent last year for renovation of his office, two conference rooms and a reception area. 

Thain also added that Bank of America was aware about all the losses of Merrill Lynch which were announced not so long ago and all the bonuses were determined with BofA which was acquired Merrill Lynch Jan. 1. Moreover, in his interview to CNBC John Thain said that Bank of America even offered to pay bonuses in cash rather than stock. However, Bank of America rejects that piece of information claiming that Merrill Lynch “didn’t talk with them about it” and that it was an individual decision of Merrill and they just informed they of it.