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Area Rug $87,784
* Mahogany Pedestal Table $25,713
* 19th Century Credenza $68,179
* Pendant Light Furniture $19,751
* 4 Pairs of Curtains $28,091
* Pair of Guest Chairs $87,784
* George IV Chair $18,468
* 6 Wall Sconces $2,741
* Parchment Waste Can $1,405
* Roman Shade Fabric $10,967
* Roman Shades $7,315
* Coffee Table $5,852
* Commode on Legs $35,115
Thain also paid his driver $230,000 for one years work, which included the driver's $85,000 salary and bonus of $18,000, and another $128,000 in over-time pay
"John Thain resigned under pressure from Bank of America on Thursday after reports he rushed out billions of dollars in bonuses to Merrill Lynch employees in his final days as CEO there, while the brokerage was suffering huge losses and just before Bank of America took it over." -
AP Business Writer Ieva M. Augstums reported from Charlotte, N.C.
Sadly, too many executives at small and large companies don't even realize what they are doing when they spend such large amounts of money on trivial things like this. They'll penny pinch any capital improvement project proposal no matter how necessary the project but will not bat an eye at spending more than double that amount to redecorate or travel to a country club for a "conference". "Sir, our building's air conditioning system is being held together with duct tape and crazy glue and needs to be replaced right away." "Nope, as long as it works it's fine. Besides, my carpet is stained so I'll need to have my office redecorated and that comes first."
That's why these firms should have been allowed to die, not rewarded with a taxpayer funded bailout. If any bank should receive anything, it's the ones that are run well and not in trouble. Why reward incompetance and corruption?
Why should the banking industry get anything anyway? It's a simple business (compared to manufacturing for example), all banks offer the same product, it's as much a commodity as you can get. And the skills required to manage such a firm are simple, again compared with a manufacturing business.
CEOs who abuse their power in this manner should be made to pay the equivalent amount back to share holders, including legal expenses. If not, then go after the Boards of these companies.
Can I be his driver for a year?
~160K after taxes would do wonders for my finances.
Im dying to sit on the 'commode with legs' - I guess thats when you really know you are a genius American CEO who deserves billion dollar bonuses, and billion dollar tax welfare to cover it!
That's why these firms should have been allowed to die, not rewarded with a taxpayer funded bailout. If any bank should receive anything, it's the ones that are run well and not in trouble. Why reward incompetance and corruption?
Why should the banking industry get anything anyway? It's a simple business (compared to manufacturing for example), all banks offer the same product, it's as much a commodity as you can get. And the skills required to manage such a firm are simple, again compared with a manufacturing business.
The TARP program isnt a reward. Here is an excellent overview:
Why do you hate the rich? The redecorating was done in early 2008, long before the bailouts and while the company still had reason to believe that it was riding high. The thread title is at best highly misleading...
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