Thursday, January 22, 2009

Oh! For The Life Of The Corporate Executive

This one's been caught. HuffPost, Daily Beast and CNBC are all reporting the excesses, through veteran journalist Charlie Gasparino, of John Thain,

departing CEO of Merrill Lynch in The Daily Beast. Tut, tut, tut!!!

Below, The Daily Beast presents Thain’s top 16 outrages.

1) $2,700 for six wall sconces.

2) $5,000 for a mirror in his private dining room.

3) $11,000 for fabric for a "Roman Shade.”

4) $13,000 for a chandelier in the private dining room.

5) $15,000 for a sofa.

6) $16,000 for a "custom coffee table.”

7) $18,000 for a “George IV Desk.”

8) $25,000 for a "mahogany pedestal table.”

9) $28,000 for four pairs of curtains.

10) $35,000 for something called a "commode on legs.”

11) $37,000 for six chairs in his private dining room.

12) $68,000 for a "19th Century Credenza" in his office.

13) $87,000 for a pair of guest chairs.

14) $87,000 for an area rug in Thain's conference room and another area rug for $44,000.

15) $230,000 to his driver for one year’s work.

16) $800,000 to hire celebrity designer Michael Smith, who is currently redesigning the White House for the Obama family for just $100,000.

Do you think John Thain should have bought all this as troubles hit the company and they are firing employees? Or do you think all this is minor in comparison to the compensation, including airplanes, that other executives get?

How do other Merrill Lynch staffers feel? Would it be acceptable if he brings this furniture away with him, now that he has been forced out by Bank of America?

Bankers do live well these days. Do you think he should live closer to us here in Princeton, New Jersey, a major outpost of Merrill Lynch outside of Manhattan, rather than in Rye, New York, two hours by car away, where he evidently spends a great deal for house and garden maintenance?

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