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The stunning announcement of John Thain's departure from Bank of America (BAC Quote) yesterday, less than a month after merging Merrill Lynch (MER Quote) into the bank would have been unthinkable a few weeks ago.
After announcing the shotgun marriage of Merrill Lynch with Bank of America in September, hours after Lehman Brothers collapsed, the sterling reputation of John Thain was cemented: This was a CEO who could do no wrong.
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