Thain Craps Out

The news that Thain "resigned" from Bank of America is remarkable for its underlying text.  First, why did Thain, a very smart fellow, give silly ammunition to those who want to attack his decisions.  By buying a 35,000 dollar toilet on the company's ticket he gives an open option to those who want he out to embarrass him publicly.  He could buy the toilet for his home and no one would have bothered him.  Second, and more important, where are the lawyers who drafted the acquisition agreement?  Apparently, Merrill traders accumulated losses after the deal was signed and before it was closed. Moreover, Thain pain bonuses to workers after the deal was signed and days before it was closed.  Any decent acquisition agreement would have given Bank of America veto rights over major Merrill decisions from signing to closing.  Why did BofA not monitor Merrill trading or Merrill compensation practice during this period and exercise its contract rights?  Finally, we will wait to hear about Thain's buyout agreement and wonder about the TARP payment conditions that limit severance payments. Correction:  I have been instucted in the comments that a commode is not a toilet; it is used to hold a camber pot.