Executive under fire for spending $1.22 million on an office remodel

[Benzgirl]

The following is a list of the items in his suite:

• Area Rug $87,784
• Mahogany Pedestal Table $25,713
• 19th Century Credenza $68,179
• Light Furniture $19,751
• 4 Pairs of Curtains $28,091
• Pair of Guest Chairs $87,784
• George IV Chair $18,468 <
• 6 Wall Sconces $2,741
• Parchment Waste Can $1,405
• Roman Shade Fabric $10,967
• Roman Shades $7,315
• Coffee Table $5,852
• Commode on Legs $35,115

Thain also paid his driver $230,000 for one years work, which included the driver's $85,000 salary and bonus of $18,000, and another $128,000 in over-time pay, documents show. Drivers of top executives are often paid about half that amount.

http://www.cnbc.com/id/28793892
http://www.msnbc.msn.com/id/28793175/

[preciousjeni]

His spending is injecting money into the economy, right?

[epchick]

wow, furniture is expensive!

[PM_Mama00]

Originally Posted by preciousjeni

His spending is injecting money into the economy, right?

Very true, especially if it's his own money then people shouldn't have a problem with it.

And yeah that is some crazy expensive furniture. What happens to the old furniture?

[honeychile]

Originally Posted by PM_Mama00

Very true, especially if it's his own money then people shouldn't have a problem with it.

And yeah that is some crazy expensive furniture. What happens to the old furniture?

If he was smart, he donated it to some charity, and took the write off.

[PhiGam]

Originally Posted by PM_Mama00

Very true, especially if it's his own money then people shouldn't have a problem with it.

And yeah that is some crazy expensive furniture. What happens to the old furniture?

The problem is that the guy is the CEO of Merrill Lynch

[epchick]

Originally Posted by PhiGam

The problem is that the guy is the CEO of Merrill Lynch

then he should "donate" that money to the people who work for Merrill Lynch since they are bitching about the lack of bonuses & stuff like that.

[RU OX Alum]

Merrill Lynch used some 10+ (forget the exact figure) million of their bailout money to give to bonuses.

[AGDLynn]

Well, he's fired now so maybe his driver will help him out.

[Benzgirl]

The SEC needs to freeze executive bonuses until the economy turns around. There are too many accounting departments that "cook the books" so the shareholders approve executtive bonuses.

[33girl]

Originally Posted by Benzgirl

Commode on Legs $35,115

This sounds like it's going to get up and walk away any minute or something.

[LightBulb]

Originally Posted by 33girl

This sounds like it's going to get up and walk away any minute or something.

Hahaha, you win the thread!

[Benzgirl]

I was listening to CNBC yesterday, and Thaine said that he would reimburse Merrill Lynch for the remodel.