The Wall Street Journal reported on Monday that Mitt Romney’s potential list of nominees for Treasury Secretary includes John Thain, the former CEO of Wall Street investment bank Merrill Lynch who now heads CIT Group.
Thain is perhaps best known for overseeing Merrill Lynch as it fell apart during the 2008 financial crisis, necessitating a rescue by Bank of America, and then paying out bonuses to his failed bankers anyway.
But Thain didn’t only think his employees deserved huge bonuses for their role in the financial crash — he also believed that he should be paid $10 million during a year that saw his company lose $11 billion and get bailed out by another bank.
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