John Thain and the $35,000 toilet

[Joanne98]

John Thain hired Michael L. Smith, the designer who is redoing the White House for the Obama's, to redo his office at Merrill Lynch. Thain's cost for redoing his office was $800,000. The cost of redoing the White House? $100,000.

Not only did John Thain flush Merrill Lynch shareholders down the drain, and not only did he oversee $100 billion of losses, we now find out that the most overpaid and over-compensated CEO in America now spent $35,000 a toilet. John Thain's "commode."

John Thain spent $87,000 for the rug in his office, $68,000 for the credenza, and $87,000 for a pair of guest chairs and $11,000 for the coffee table.

He spent $37,000 for the six chairs in his private dining room, and $5,000 for the mirror that he could primp himself in.

And he spent $35,000 for the "commode with legs" that he could sit on, after he ate his dinner.
http://www.thedailybeast.com/blogs-and-stories/2009-01-22/john-thains-87000-rug/

John Thain, typified everything that is wrong with the financials with his egalitarian, and smug sense of entitlement. In fact John Thain was the highest paid CEO in the S&P in 2007, raking in $83 million dollars, and after he was paid these numbers he destroyed Merrill Lynch.

Let's just take a look at some of his statements, and let them stand for themselves.

Continued>>>
http://aaronandmoses.blogspot.com/2009/01/john-thain-and-35000-toilet.html

[dixiegrrrrl]

1. May the mother all Karmas..........

[panAmerican]

2. Unmitigated gall knows no bounds

How often are workers admonished that you have to learn and produce in order to warrant keeping your job? Here are these people being paid a base salary in the 10s of millions of dollars, and all they have to do is show up, supervise redecorations to their offices, and they are entitled to millions more in bonuses.

UGH!!!!!! Disgusting.