John Alexander Thain (born May 26, 1955) is an American businessman, investment banker, and former chairman and CEO of the CIT Group.
Thain was the last chairman and chief executive officer of Merrill Lynch before its merger with Bank of America. He was designated to become president of global banking, securities, and wealth management at the newly combined company, but resigned on January 22, 2009. Ken Lewis, CEO of Bank of America, reportedly forced Thain to step down after several controversies, such as the losses at Merrill Lynch which proved to be far larger than previously estimated, and the award of huge executive bonuses.
Career:
Before he came to Merrill, Thain had been the CEO of the New York Stock Exchange from January 2004 to December 2007. He also worked at Goldman Sachs, as head of its mortgage securities division from 1985 to 1990,and president and co-chief operating officer from 1999 to 2004.
Thain reportedly was one of the runners-up to head Citigroup. Merrill Lynch and Citigroup sought new leaders following the sudden departure of their former CEOs after the disappointing performance in the third quarter of 2007 due to the subprime mortgage crisis.
Thain arranged the sale of Merrill to Bank of America at $29 per share, a 70 percent premium over the market price. The deal valued the brokerage at $50 billion. Thain was expected to be president of global banking, securities and wealth management, a new division at Bank of America, to oversee its corporate and investment bank and most of wealth management business.
Departure from Bank of America:
On January 16, 2009, Bank of America announced that Merrill suffered an unexpected loss of $15 billion for the fourth quarter of 2008. Bank of America CEO Ken Lewis said that, without $138 billion in government assistance, including the infusion of $20 billion from the federal government, he would have pulled out of the Merrill deal, which had been approved by Bank of America shareholders in early December. People close to Lewis say his relationship with Thain was strained by Merrill's massive fourth quarter loss. Lewis himself faced criticism for rushing to buy Merrill for $28 billion after less than two days of due diligence.
On January 22, 2009, on CNBC's The Call, Charlie Gasparino said that Thain was going to meet Lewis later in the day. Gasparino added that Thain's future at Bank of America was in doubt, although it was not certain whether he would be leaving. Gasparino then said that Thain spent $1.22 million to refurbish his office, shortly after he had been named as CEO of Merrill in January 2008.Merrill was still an independent firm at the time, and some analysts predicted that, with Thain as new CEO, the company would be back on track for a strong performance in the midst of disappointing results on Wall Street.
The tension between Thain and Lewis had been building since mid-December and culminated on January 22, 2009 when Lewis flew to New York to meet with Thain. After a 15-minute conversation between the two men, Thain agreed to resign.
Obama administration:
On January 23, 2009, President Obama referred to John Thain by saying "the reports that we’ve seen over the last couple of days about companies that have received taxpayer assistance then going out and renovating bathrooms or offices or in other ways not managing those dollars appropriately." Obama's press secretary Robert Gibbs also said taxpayer money shouldn't go to "line the pockets of people" who've gotten financial assistance. "The American people need to be greatly assured that their hard-earned money is not going to the bonuses or the remodeling of an office at a bank that’s in trouble," Gibbs said.
On January 29, 2009, President Obama publicly criticized the large bonuses such as those handed out by Thain. Obama said: "I saw an article today indicating that Wall Street bankers had given themselves $20 billion worth of bonuses at a time when most of these institutions were teetering on collapse and they are asking for taxpayers to help sustain them, and when taxpayers find themselves in the difficult position that if they don't provide help that the entire system could come down on top of our heads—that is the height of irresponsibility. It is shameful. And part of what we're going to need is for folks on Wall Street who are asking for help to show some restraint and show some discipline and show some sense of responsibility. The American people understand that we've got a big hole that we've got to dig ourselves out of—but they don't like the idea that people are digging a bigger hole even as they're being asked to fill it up." Vice President Joe Biden also said the bonuses "offends the sensibilities. I mean, I'd like to throw these guys in the brig."
Criminal investigation:
On January 27, 2009, New York Attorney General Andrew Cuomo issued a subpoena to Thain in a probe into the bonuses he received just days before the Bank of America takeover. Charges of criminal fraud can be brought under the 1921 Marin Act against a person receiving an illicit executive payout.
Jonathan Ornstein is Chairman and Chief Executive Officer of Mesa Air Group, Inc., and was appointed effective May 1, 1998. From April 1996 to his joining the company as Chief Executive Officer, Mr. Ornstein served as President and Chief Executive Officer and Chairman of Virgin Express, a European airline. From 1995 to April 1996, Mr. Ornstein served as Chief Executive Officer of Virgin Express Holdings, Inc. Mr. Ornstein joined Continental Express as President and Chief Executive Officer in July 1994 and, in November 1994, was named Senior Vice President, Airport Services at Continental Airlines. Mr. Ornstein was previously employed by the company from 1988 to 1994, as Executive Vice President and as President of the company’s WestAir Holding, Inc., subsidiary.
He is the co-founder of Banco Garantia Investment Banking Firm. He also owns Anheuser Busch, the makers of Budweiser. His company also owns a substantial share of the beer markets of Brazil, Argentina, Uruguay, Paraguay and Bolivia. Lemann is one of the kings of beer.
Judith "Judy" R. Faulkner was born into the world in August 1943 to Louis and Del Greenfield. He is an American extremely rich person, and the CEO and organizer of Epic Systems, a medical services programming organization situated in Wisconsin. Faulkner established Epic Systems in 1979, with the first name of Human Services Computing. In 2013, Forbes called her "the most influential lady in medical services", and on the magazine's 2021 rundown of the world's tycoons she was positioned #451 and, as one of the richest independent ladies, she had a total assets of US$6.2 billion. Faulkner, a software engineer herself, has kept on filling in as the CEO of the $3.3 billion organization subsequent to establishing America's driving clinical record programming supplier, Epic, in a Wisconsin cellar with 1/2 representatives. Since the organization was established, the mission "to assist individuals with getting, assist with peopling stay well, and assist people in the future with being better" has remained something very similar. Epic as of now upholds the clinical records of 250 million patients in the United states, or around 66% of the nation's populace.
Faulkner's folks enlivened her initial interest in medical services; her dad, Louis, was a drug specialist and her mom, Del, was the overseer of Oregon Physicians for Social Responsibility. She was brought up in the Erlton neighborhood of Cherry Hill, New Jersey and moved on from Moorestown Friends School in 1961. Faulkner lives in Madison, Wisconsin. She is hitched to Dr. Gordon Faulkner, a pediatrician. They have three youngsters. Starting at 2021, with a couple of more years until Faulkner turns 80 years of age, she has said that she has no designs to resign. There has been no naming of a replacement and none of her three youngsters work at Epic. Faulkner chose to part her stock into casting a ballot shares so they couldn't be sold, and they have gone into a trust that is constrained by her relatives and representatives. The nonvoting offers will be left to the Roots and Wings establishment that was set up with her better half, Gordon. Roots and Wings finances her inclinations in kid mental health and criminal equity change. In 2015, Faulkner marked The Giving Pledge, submitting 99% of her resources for charity.
In 1979, soon after accepting her graduate degree, Faulkner helped to establish Human Services Computing, with Dr. John Greist. Human Services Computing, which later became Epic Systems, started in a storm cellar at 2020 University Avenue in Madison, WI. The organization was begun with a $70,000 speculation from loved ones. She had around six or seven different teammates. Anyway from the earliest starting point, it was for the most part just Faulkner, with the organization being her thought and her filling in as its first president. She composed the entirety of the first code on a Data General Eclipse 16-digit minicomputer which was the size of a cooler. Following a couple of years, Greist ventured down from Epic's board in 1983, as yet clutching a few offers, because of a conflict with Faulkner over the course of Epic Systems. Greist was keen on getting funding to construct quicker. Notwithstanding, Faulkner was against this thought since then they would let completely go. Epic had a lethargic however consistent development. The organization added charging programming in the last part of the 1980s and received realistic UI for outpatient centers during the 1990s. The organization's greatest arrangement was in 2004, with the three-year project with Kaiser Permanente costing $4 billion. Epic has never taken speculation from investment or private value and stays a secretly held organization. Truth be told, Faulkner highly esteems the way that Epic is local; they have never procured another organization and Faulkner has expressed they won't ever open up to the world. Epic Systems presently holds the clinical records of more than 200 million individuals. Faulkner and her family as of now own 43% of Epic Systems.
JULIE SWEET was grew up in Tustin, California. She is an American business leader. She is CEO of Accenture, a worldwide expert administrations organization. As per The New York Times, she is "quite possibly the most powerful ladies in corporate America. She was named to Fortune's "Most Powerful Women" list from 2016 through 2019 in 2019, she positioned No. 9. Notwithstanding her work at Accenture, Sweet served on the boards for Catalyst, a non-benefit, and TechNet Executive Council, an organization that advances development, starting at 2019.
She holds a four year certification from Claremont McKenna College and a law degree from Columbia Law School. Sweet is married to Chad Sweet, who was Republican Ted Cruz's mission executive for Cruz's 2016 official mission. She has two girls. The New York Times called Sweet "one of the most powerful women in corporate America" in 2019.
Before Sweet's work at Accenture, she was a lawyer at law office Cravath, Swaine and Moore. Sweet was the 10th lady at any point to make partner at the firm. Accenture enlisted Sweet as general counsel in 2010. In 2015, she became CEO of Accenture's North America business, the organization's biggest market. Accenture named Sweet its CEO viable September 2019, the principal lady to stand firm on that situation. She supplanted break CEO David Rowland. At the time of her appointment, she was one of 27 ladies driving organizations in the S&P 500 and the fifteenth female CEO of all Fortune Global 500 organizations. Sweet has supported for variety, consideration, and work environment gender equality. Sweet backings Accenture's objective to have a staff similarly represented by people by 2025; starting at 2019, 42 percent of Accenture's staff was female.