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Exhibit C
----------------------------------------------------------IN RE: EXECUTIVE COMPENSATION INVESTIGATIONBANK OF AMERICA - MERRILL LYNCH----------------------------------------------------------EXAMINATION of JOHN ALEXANDER THAIN,taken at the Office of the New York State AttorneyGeneral, 120 Broadway, New York, New York, onFebruary 19, 2009 at 10:10 a.m., pursuant to aSubpoena, before SARA FREUND, a Shorthand Reporterand a Notary Public of the State of New York.
1 PENN PLAZA, NEW YORK, NY 10119 Tel: 212-759-6014U.S. LEGAL SUPPORT, INC.Page 71
J. A. Thain
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billion and $25 billion. The structures that we're
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being talked about in terms of the potential rescue
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of Lehman posed significant difficulties, and we
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were aware that Lehman was talking to at least two
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potential acquirers, Bank of America and Barclays.
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Mid-morning on Saturday, I became very
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concerned that the combination of the potential
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loss in the commercial mortgage portfolio, and the
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complications of putting any type of rescue
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together without any form of government assistance
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made it likely that Lehman would not, in fact, be
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rescued; that it would fail. And I was very
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concerned about the impact a Lehman failure would
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have on the market generally upon all the financial
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institutions, but, in particular, on Merrill Lynch.
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Q. That would be a good place just to ask
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you to focus a little more on what occurred on
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Saturday morning that heightened your concern then
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that led you to think that Lehman might fail.
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A. It was a combination of the fact that
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the size of the loss was of a magnitude that it was
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going to be difficult to put together a rescue
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package, and the structures that could possibly do
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that were very difficult to put together with that
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