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  1. #1
    Ryan's Avatar
    Ryan is offline Bust a move
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    "Bailed Out" CEO spent $1.22 million redecorating office, also doled out $3 billion in executive bonuses

    Less than one month into his new gig at the Bank of America, Merrill Lynch CEO John Thain resigned today after it was revealed that he doled out executive bonuses a month ahead of schedule and just days before his struggling Merrill Lynch firm was acquired by the BofA.

    Although no reason was given for his resignation, a spokesman for Bank of America, which acquired Merrill Lynch at the beginning of this year in a government-negotiated deal to save it from collapse, issued a statement saying: "(BofA Chairman and CEO) Ken Lewis flew to New York today to talk to John Thain. And it was mutually agreed that his situation was not working out and he would resign." The amount in bonuses paid out was between $3 and $4 billion, according to the Financial Times. Exorbitant Wall St. bonuses have garnered increased attention since the economic collapse and subsequent billions in bailout funds have gone to help companies stay afloat. Bank of America, which received $25 billion in bailout funds before being handed an addition $20 billion last week, said Thursday that it knew Thain gave the incentives ahead of time. "Merrill was an independent company until Jan. 1 of 2009," said spokesman Scott Silvestri. "John Thain decided to pay year-end incentives in December, as opposed to their normal date in January. Bank of America was informed of his decision."

    To make matters worse, Thain is now facing more criticism for reportedly spending $1.2 million to lavishly decorate his Merrill Lynch office early last year while the firm was fighting to survive. Thain splurged on interior designs from the Obama's chosen White House decorator Michael Smith ($800,000), two area rugs ($131,000), two guest chairs ($87,000), a 19th Century credenza ($68,000), four pairs of curtains ($28,000), and a mahogany pedestal table ($25,000), according to Charlie Gasparino, the CNBC contributor and Daily Beast columnist who broke the story. Other items mentioned: six dining room chairs ($37,000), a George IV Desk ($18,000), a custom coffee table ($16,000), a sofa ($15,000), a chandelier ($13,000), a mirror ($5,000), six wall sconces ($2,700).
    Also reported to be on the list was a trash can for $1,400.
    "The inherent vice of Capitalism is the unequal sharing of its blessings; the inherent vice of Socialism is the equal sharing of its miseries." -Winston Churchill

  2. #2
    mack's Avatar
    mack is offline Officer Resource Offical Auctioneer
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    Why doesn't this surprise me at all?

    My dad, I miss him every day.

    Originally Posted by Wolven
    Life is too short to wear unsexy underwear.


    I am a female!!!!! LMAO

    Be who you are and say what you feel.....
    Because those that matter...don't mind...
    And those that mind...don't matter

  3. #3
    Captain America's Avatar
    Captain America is offline Reed and Malloy were my FTOs
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    I feel so much better now that I know my tax dollars are being spent wisely.
    SI VIS PACEM PARA BELLUM

    "It's a great life. You risk your skin catching killers and the juries turn them loose so they can come back and shoot at you again. If your honest , your poor your whole life. And , In the end , you wind up dying all alone on some dirty street. For what? For nothing. For a tin star."
    -Ex-Sheriff Martin Howe to Will Kane in "High Noon"

    Far from being a handicap to command, compassion is the measure of it. For unless one values the lives of his soldiers and is tormented by their ordeals , he is unfit to command.
    -General Omar Bradley, United States Army

    Renniger-Richards-Griswold-Owens

  4. #4
    Rhino's Avatar
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    Remember Cap, our tax dollars are being spent by the same morons that couldn't properly spend their tax dollars.

    In what world does this make sense?
    "If everyone is thinking alike, then someone isn't thinking." -Gen. George S. Patton

  5. #5
    irishmick's Avatar
    irishmick is offline Do not mistake my kindness for weakness.
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    I'm not even going to comment on this, since it was pretty much expected. However, who the HELL needs to spend $28,000 of freakin' curtains!?
    --"D.B.A.D." --Me

    --Life's tough...it's tougher if you're stupid.

    --"Genius may have its limitations, but stupidity is not thus handicapped." -Elbert Hubbard

  6. #6
    Terminator's Avatar
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    A $1,400 trash can...reallly?

  7. #7
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    Some of these corporate thieves belong in prison. Actually, most of them.

  8. #8
    lewisipso's Avatar
    lewisipso is offline Injustice/Indifference/In God we trust
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    I want one person to post here that they are surprised at this in the least. This is as surprising as knowing a politician is corrupt. Geez....really?
    Do not war for peace. If you must war, war for justice. For without justice there is no peace. -me

    We are who we choose to be.

    R.I.P. Arielle. 08/20/2010-09/16/2012


  9. #9
    Ryan's Avatar
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    Not surprised at all. It just sickens me that this is what is happening with our tax dollars
    "The inherent vice of Capitalism is the unequal sharing of its blessings; the inherent vice of Socialism is the equal sharing of its miseries." -Winston Churchill

  10. #10
    lewisipso's Avatar
    lewisipso is offline Injustice/Indifference/In God we trust
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    Agreed.
    Do not war for peace. If you must war, war for justice. For without justice there is no peace. -me

    We are who we choose to be.

    R.I.P. Arielle. 08/20/2010-09/16/2012


  11. #11
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    sgtbear111 is offline retired
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    Another thread on closing the Shriner's Childrens Burn Hospital for lack of funding.....

    Makes me want to solicit funds from these "capitalist running dogs" and in-pocket politicians one on one. I get to use my knife and soldering iron.
    Some people come into our lives and quickly go. Some stay for awhile and leave footprints on our hearts. And we are never, ever the same.-- Anonymous

    Old People, like me, may not be around to witness the destruction of our Nation. The rest of you may not survive the collapse. We all have the sworn duty to prevent it.

    The light of hope burns brighter than the fires of doom.

  12. #12
    lewisipso's Avatar
    lewisipso is offline Injustice/Indifference/In God we trust
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    Excellent idea.
    Do not war for peace. If you must war, war for justice. For without justice there is no peace. -me

    We are who we choose to be.

    R.I.P. Arielle. 08/20/2010-09/16/2012


  13. #13
    Ducky's Avatar
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    I could have paid my house off with those curtains.
    \\
    ` ` ` ` < ` )___/\
    `` ` ` ` (3--(____)
    "...but to forget your duck, of course, means you're really screwed." - Gary Larson
    http://www.youtube.com/watch?v=MtN1YnoL46Q


  14. #14
    Rhino's Avatar
    Rhino is offline Meat-eater & Fire-breather
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    Quote Originally Posted by Ducky View Post
    I could have paid my house off with those curtains.
    and YOU don't get a government bailout!!
    "If everyone is thinking alike, then someone isn't thinking." -Gen. George S. Patton

 

 

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