Subscribe in a readerIs John Thain, former Merrill Lynch Chief Executive Officer, an idiot or just unaware that the country is in recession and things are much different than they use to be. At any case, his decision and action to have Michel S. Smith Design to remodel his office for $1.2 million cost him his job immediately, when Bank of America found out.
Bank of America officially became the parent of Merrill Lynch on January 1, 2009; when their acquisition of Merrill Lynch; borrowing $25 billion of taxpayer money, became complete. Bank of America had to ask for a second investment of $20 billion dollars from the government as it covered losses of $15.45 billion in the fourth quarter of last year.
Not only did Thain remodel his office, he had planned to pay yearend bonuses for 2008 in December for himself and four other executives instead of the normal January 2009. The good news, when Bank of America heard the news, Thain was asked to resign immediately and the four other executives refused any yearend bonus. I would like to think Thain was as much fired for the $1.2 million remodel job as the bonus payment. Anyone in charge of someone else should fire that person for spending $1400 for a wastebasket.
One needs to ask the question, “How could the Senate vote to give the second offering of the TARP funds last week when there are idiots like Thain in charge of companies getting this money?” At least the House of Representatives voted to block the funds unless there are greater guidelines on the money. It almost makes you consider the Senate is as much a bunch of idiots as big as Thain. Maybe, the American voters should call for their immediate resignation as Bank of America called for Thains. I can see no helping of the economy, by banks using taxpayer’s money to purchase acquisitions of other banks and paying for the actions of greedy executives.
