Thain, also a former president of Goldman Sachs, helped himself and his Merrill Lynch staff to $4 billion in bonus payments even after he had to sell the firm to Bank of America to save it from bankruptcy. After he was caught spending $1.2 million, even as Merrill Lynch disintegrated, to decorate his new office, Bank of America had to fire him to placate growing revulsion over Wall Street’s out-of-control culture of entitlement.