Commentary: CEO buys fancy curtains as the walls crumble

[Gunny]

John Thain, the former CEO of Merrill Lynch, resigned Thursday from the company that bought Merrill out, Bank of America. As far as we can tell, his departure couldn't come soon enough.

Not long ago, Thain was credited with keeping Merrill alive long enough to be rescued.

Now we learn the man who asked for, then quickly withdrew, his request for a $10 million bonus still managed to live large while Merrill teetered on the brink and workers paid the price.

Commentary: CEO buys fancy curtains as the walls crumble - CNN.com

 

[del]

i wish i could say i'm shocked.

 

[xsited1]

Here's his house:

Virtual Globetrotting: John Thain's House

THAIN'S HOME IS HIS CASTLE - New York Post


More:

According to documents reviewed by The Daily Beast, Thain spent $1.22 million of company money to refurbish his office at Merrill Lynch headquarters in lower Manhattan. The biggest piece of the spending spree: $800,000 to hire famed celebrity designer Michael Smith, who is currently redesigning the White House for the Obama family for just $100,000.

Big ticket items included $87,000 for an area rug, four pairs of curtains for $28,000, a pair of guest chairs for $87,000 and fabric for a "Roman Shade" for $11,000.

The other big ticket items Thain purchased include: $87,000 for an area rug in Thain's conference room and another area rug for $44,000; a "mahogany pedestal table" for $25,000; a "19th Century Credenza" in Thain's office for $68,000; a sofa for $15,000; four pairs of curtains for $28,000; a pair of guest chairs for $87,000; a "George IV Desk" for $18,000; six wall sconces for $2,700; six chairs in his private dining room for $37,000; a mirror in his private dining room for $5,000; a chandelier in the private dining room for $13,000; fabric for a "Roman Shade" for $11,000; a "custom coffee table" for $16,000; something called a "commode on legs" for $35,000; a "Regency Chairs" for $24,000; "40 yards of fabric for wall panels," for $5,000 and a "parchment waste can" for $1,400.

John Thain's $87,000 Rug - The Daily Beast

 

[Modbert]

i wish i could say i'm shocked.

Thank goodness for all those regulations we have on Wall Street to prevent shit like this?

*Voice above whispers into my ear* Really? You're kidding? REALLY?

Sorry, looks like we really have no regulations on Wall Street at the moment. Pure Capitalism at it's finest folks.

 

[mash107]

That's what happens when we tell banks that they get a bailout no matter what. You know, look at how big the bonuses AIG and other bailout recipients are dishing out with -bailout- money. It's bullshit. But it's a direct result of incompetent people getting money (or promised to get money) that they don't deserve. Pure socialism at it's finest.

 

[Mad Scientist]

Thank goodness for all those regulations we have on Wall Street to prevent shit like this?
*Voice above whispers into my ear* Really? You're kidding? REALLY?
Sorry, looks like we really have no regulations on Wall Street at the moment. Pure Capitalism at it's finest folks.

Pure Capitalism is the reason you have that nice computer you're using right now. Imagine if the gubamint made it.

Bob, if you believe in freedom then why do you seek more gubamint control?

 

[Diuretic]

Pure Capitalism is the reason you have that nice computer you're using right now. Imagine if the gubamint made it.

Bob, if you believe in freedom then why do you seek more gubamint control?

If the US government hadn't funded it then ENIAC wouldn't have existed.

Capitalism can't exist without government looking out for its interests. Oh and there is no "pure" capitalism, it sucks off the public tit.

 

[Paulie]

He bought a waste basket for his office for $1,200.

A waste basket!

How esle can you really respond to that besides:

 

[Diuretic]

He bought a waste basket for his office for $1,200.

A waste basket!

How esle can you really respond to that besides:

Is it digital? Lots of gadgets?

 

[Paulie]

Is it digital? Lots of gadgets?

For that much money, it better give you head under the desk.

 

[Diuretic]

For that much money, it better give you head under the desk.

Oh he bought the Monica model? Ah that explains it.

Is it discreet though?

 

[Modbert]

Pure Capitalism is the reason you have that nice computer you're using right now. Imagine if the gubamint made it.

Bob, if you believe in freedom then why do you seek more gubamint control?

I agree with what Diuretic said.

Besides, I'm not seeking more government control. I'm seeking regulations and standards, none of which the Bush Administration had not only for themselves but Wall Street.

At this point, do you REALLY think we can trust Wall Street to play nice, honest, and fairly without any regulations? You would think that this crisis would knock some sense into people about that.