http://www.cnn.com/2009/US/01/22/campbell.brown.thain/index.html#cnnSTCTextAccording to CNBC, Thain spent more than $1.2 million in company funds to spruce up his office, hiring a world-class designer to decorate in full decadence.
The list includes an $87,000 "area rug," $28,000 for curtains, a $68,000 credenza and the perfect finishing touch: a $1,400 wastebasket.
http://www.bloggingstocks.com/2009/01/22/thains-1-2-million-office-redecorating-may-prompt-congress-to/print/Thain's $1.2 million office redecorating may prompt Congress to act on executive compensation
Posted Jan 22nd 2009 6:20PM by Joseph Lazzaro
Former Merrill Lynch CEO John Thain's decision to spend $1.22 million to redecorate his office will probably put the issue of executive compensation limits back in play for the U.S. Congress, most likely for only bailout fund recipient companies, but quite possibly for other business arrangements, as well.
The compensation issue was considered politically dead for this year, but Thain's audaciousness could serve as the type of catalyst necessary to get a controversial bill through a review process that's designed to defeat or delay legislation. Thain was put in charge of Merrill's trading, investment banking, and brokerage operations after the Bank of America (NYSE: BAC) acquired Merrill.
Further, Thain's $1.22 million splurge of the company's money is the type of action voters will notice, prompting them to place pressure on U.S. Representatives and U.S. Senators to act. Thain's gratuitous redecorating has surfaced alongside Merrill's distribution of bonuses despite massive losses at the former investment banking and brokerage giant.
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