As the world of high finance teetered last year, Ken Lewis and John Thain emerged as heroes. By arranging for Bank of America to buy Merrill Lynch, the two CEOs Lewis at B of A, and Thain at Merrill seemingly avoided another ripple-effect collapse like the one from Lehman Brothers. But by January, the new union was rocked by controversy. Even as Bank of America took tens of billions of dollars in government aid, Merrill paid out $3.62 billion in bonuses to its top employees. The scandal quickly turned personal, with Lewis firing Thain and claiming B of A had nothing to do with the premerger payments. Thain publicly shot back. "The suggestion Bank of America was not heavily involved in this process and that I alone made these decisions is simply not true," he said in an interview. "Getting fired is one thing. But nobody has the right to say things that they know aren't true." In September, Bank of America agreed to pay $33 million to settle a Securities and Exchange Commission investigation into the bonuses, but a judge overruled the settlement, saying it unfairly hurt bank shareholders, and ordered a trial for next year.
The Top 10 Everything of 2009
- Top 10 Albums
- Top 10 Animal Stories
- Top 10 Apologies
- Top 10 Art Exhibitions
- Top 10 Awkward Moments
- Top 10 Best Business Deals
- Top 10 Breakups
- Top 10 Buzzwords
- Top 10 Children's Books
- Top 10 Crime Stories
- Top 10 Editorial Cartoons
- Top 10 Facebook Stories
- Top 10 Fashion Faux Pas
- Top 10 Fashion Moments
- Top 10 Feuds
- Top 10 Fiction Books
- Top 10 Fleeting Celebrities
- Top 10 Gadgets
- Top 10 Green Ideas
- Top 10 Heroes
- Top 10 iPhone Apps
- Top 10 Late-Night Jokes
- Top 10 Magazine Covers
- Top 10 Medical Breakthroughs
- Top 10 Movie Performances
- Top 10 Movies
- Top 10 New Species
- Top 10 News Stories
- Top 10 Nonfiction Books
- Top 10 Oddball News Stories
- Top 10 Pariahs
- Top 10 Pictures of the Year
- Top 10 Plays and Musicals
- Top 10 Political Gaffes
- Top 10 Quotes
- Top 10 Religion Stories
- Top 10 Scandals
- Top 10 Scientific Discoveries
- Top 10 Songs
- Top 10 Sports Moments
- Top 10 T-Shirt-Worthy Slogans
- Top 10 TV Ads
- Top 10 TV Episodes
- Top 10 TV Series
- Top 10 Tweets
- Top 10 Underreported Stories
- Top 10 Untruths
- Top 10 Video Games
- Top 10 Viral Videos
- Top 10 Worst Biz Deals
TIME charts the highs and lows of the past year in 50 wide-ranging lists