It’s more fun to read about the $1.2 million redecoration of his office, but that was chump change. While CEO of Merrill Lynch he paid secret bonuses of between $3-4 billion to himself and top executive just days before selling ML to the Bank of America, who has taken tens of billions in TARP funds. He even paid his driver a $230k bonus. Thain needed to lean on his employer for all the financial support he could get because he was only paid $83.1 million in 2007.
If they weren’t stealing our money these guys would just be pathetic. They are such big weenies. Read this account of the redecorating. $800,000 of the $1.2 mil went to the decorator! That’s the depth of his lack of self-confidence. He had to hire the most expensive person he could find so they could select the perfect $35,000 commode! (Which Birdman has already pointed out to me is non-functioning.) What an incredible way to demonstrate his superior taste to the 40-50 other wing-tipped jerk-offs who put their feet up on his commode in the average year.
I’m convinced that China has the right approach for dealing with business criminals. As you may have heard, they just finished the trials of the executives accused of doctoring the milk supply. They are going to shoot two of them.