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John Thain's Top 16 Outrages
Shannon Stapleton / Reuters
How did Merrill Lynch’s former CEO spend $1.22 million redecorating his office? The Daily Beast counts the ways.
This morning in a Daily Beast/CNBC exclusive, Charlie Gasparino obtained documents about $1.22 million of company money that former Merrill Lynch CEO John Thain spent on his office, just as the financial crisis was hitting the firm. Thain announced his resignation this morning, less than a month after his brokerage firm was taken over by Bank of America. Does he get to take his goodies with him?
Below, The Daily Beast presents Thain’s top 16 outrages.
1) $2,700 for six wall sconces.
2) $5,000 for a mirror in his private dining room.
3) $11,000 for fabric for a "Roman Shade.”
4) $13,000 for a chandelier in the private dining room.
5) $15,000 for a sofa.
6) $16,000 for a "custom coffee table.”
7) $18,000 for a “George IV Desk.”
8) $25,000 for a "mahogany pedestal table.”
9) $28,000 for four pairs of curtains.
10) $35,000 for something called a "commode on legs.”
11) $37,000 for six chairs in his private dining room.
12) $68,000 for a "19th Century Credenza" in his office.
13) $87,000 for a pair of guest chairs.
14) $87,000 for an area rug in Thain's conference room and another area rug for $44,000.
15) $230,000 to his driver for one year’s work.
16) $800,000 to hire celebrity designer Michael Smith, who is currently redesigning the White House for the Obama family for just $100,000.
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jtelford
I knew I should have become an interior decorator.
reycar
For this kind of freeks, the Financial institutions are in this........It is a shame, Where...we get this psycos ???
carlinho
I would recommend forcing refunds for ALL of this, and using the returned funds to help ex-employees EXCEPT for Thain, who should be made to disgorge and and ALL bonus money received in 2008. And much of his pay, too...
NoBlueDrink
This Twain? Train? Trane? must have been a great earner for this company and a great earner on his previous job. Where did he go wrong? I think he is cool. The best looking skinny guy RIPPING OFF THE STOCK-HOLDERS and the PUBLIC. I love his looks and his decorating ideas. I love his decorating and spending big money on decorating. I love it!
How can this creep even go out in public? How can he go to a restaurant?
StraightShooter
Obviously, Mr. Thain was somehow able to get his MBA without any credits in the classes related to "Fiduciary Reponsibilty". Maybe the U.S. Attorney for the Northeast Region could help him get up to speed before his next CEO position.
jumpingfish
I went into work today, Merrill Lynch, to see some great folks get canned. Fulling expecting myself to be part of the casualties. Apparently I still have some time before the ax falls my way. That arrogant office upgrade could have saved 12 of the jobless that walked out of ML today for a year. It was a sad day. More people out of work. Thanks John but your not entitled. Adios.
Winifred
This is an outrage. While many Americans were losing their home as well as their jobs. Congress was voting to give the major financial institutions a 700B bailout. Americans are not hurting their suffering. And for this man to take advantage of a situation that other Americans willl ultimately pay for is beyond forgivable. We don't want his job. we want everything we paid for. We need to sell it and get families back in their homes. He should be prosecuted fully.
bnemer
We need to make an example of this low life so that others with his mind set will not take advantage of his/her so-called power. These types deserve to be striped of power and money taken from us, the taxpayer. The free ride is over..........
BBHDAMDUG
F the ex employees.
Bidurski
The only thing this guy is entitled to is a serious beating.
sippewissett
It might not have been these outrageous expenditures that did it per se, but Thain is gone. Good riddance to the egomaniacal CEOs of this country, driven by greed and a sense that only they are indispensable. They are too numerous to list here, but you know who you are...and hopefully you too will soon be toppled from those pedestals you placed yourselves on.
sealoverinsussex
Was there a Board of Directors at Merril Lynch? Where were they? One of the biggest problems in American business excesses is the willingness of people to go along to get along.
Bamos99
There should be no who is surprised here. How do you think they got there?
susquehannastudio
Thain is just one of a long list of wall street thugs.
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