What happens when the country falls deeper and deeper into recession and some executives just don’t get it? As job losses continue to mount and executive bonuses come under fire John Thain seems to think he is above the fray.
Some people think the gap between “haves” and “have-nots” is growing, and some of those people think it is a plot orchestrated by the government. While I wouldn’t go that far, there is no doubt the gap is growing quite large.
Today we saw a news report on a subject we predicted a few months back. Chinese people are coming to America to buy up foreclosed properties. The Chinese invested in America to begin with. Also bear in mind that in India the default rate is only about 2 percent. Pretty soon Chinese and Indians will be fighting for the best foreclosures in America.
Meanwhile, as idiots abound everywhere and nobody specified where the first round of bailout money should go, a little focus would be nice. Executives still seems to focus on themselves, however, and could care less what you and I think.
John Alexander Thain (born May 26, 1955) was the last chairman and chief executive officer of Merrill Lynch before its merger with Bank of America. The poor guy gave up his demand for a $10 million bonus from the compensation committee at Merrill Lynch on that company’s last day as an independent company.
On January 22, 2009, it was revealed that, in early 2008, Thain spent $1.22 million in corporate funds to renovate two conference rooms, a reception area, and his office – including $131,000 for area rugs, a $68,000 antique credenza, guest chairs costing $87,000, a $35,000 commode and a $1,400 wastebasket. Thain subsequently apologized for the obvious lapse in judgement, and reimbursed the company in full for the costs of the renovation.
When one man can be the focus of such stupidity, I am sure Thain did not apologize nor reimburse willingly. Only to keep from being the butt of late-night jokes that put him in a category with Paris Hilton did this schmuck try to acquiesce.
Here is a great video about this out-of-touch executive and his spending while employees are walking out the door: