Wall Street's culture of entitlement hard to shake (AP)

After all, when he became CEO of the New York Stock Exchange in 2004, he replaced Richard Grasso — a man who embodied the excesses of the times and was forced out for taking a massive annual pay package of $187.5 million. Thain at the time accepted a much smaller $4 million.

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Bank of America Corp . bought the investment bank on Jan 1. He also spent $1.2 million decorating his Manhattan office, according to media reports, as Merrill hemorrhaged money — a decision that's invoking particular rage among Americans, including President Barack Obama. Thain left his post at Bank of America on Thursday after unexpectedly big losses at Merrill Lynch; the bonuses were a likely contributing factor in his departure. Thain's actions exemplify how hard it is for the industry to wean itself off the hefty paychecks and spending the last decade brought — even as financial companies now rely on taxpayer dollars to stay in business.

Full Story: Wall Street's culture of entitlement hard to shake (AP)