Labor & Employment Law

As Rome Burned - John Thain Bought New Fiddles

By Dobin & Jenks

This is an outrage. Did anyone at Merrill Lynch have a clue about fiscal responsibility? I have discussed the bonuses paid to the prior chief at ML before, Mr. $160 Million. Now, we find out that John Thain spent $1.3 million on himself.

The Daily Beast reports that Thain spent foolish amounts of money on ego-stroking items like "relamping wall sconces" for $3,000 and a rug for $87,000. I wonder how many people had to be laid off so that Mr. Thain could have a professional decorator make him feel better about himself.

Give me a break. No surprise that ML will disappear with the boneheads and egomaniacs that appear to have been in charge. We're bullish on America. Remember that slogan? How about we're bullsh__ing America? That's more like it.

That's the angry view from The Law Planet - Jupiter, Florida.

Full post as published by The Law Planet Blog on January 22, 2009 (boomark / email).