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.

[PM_Mama00]

Ok I made a mistake. I didn't read the story and with all the Obama stories I saw "executive" and thought of him.

Now after actually reading the story, that's ridiculous. I think all these CEOs need to work for a $1 a year until the economy gets better. They're blowing all these bailouts.

[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.

[epchick]

Originally Posted by RU OX Alum

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

Well obviously they didn't, or it wasn't enough, because I saw on the news a few days ago that the Merrill Lynch employees are complaining about their bonuses.

[joliebelle]

"Thain also said he plans to reimburse Bank of America for $1.2 million spent to renovate his office a year ago...He called the expenses "a mistake in the light of the world we live in today."

http://news.yahoo.com/s/nm/20090126/...famerica_thain

[PhiGam]

Originally Posted by epchick

Well obviously they didn't, or it wasn't enough, because I saw on the news a few days ago that the Merrill Lynch employees are complaining about their bonuses.

They did... and they shouldn't have. Employees are not entitled to bonuses, especially if the company is failing. Merrill Lynch has been very irresponsible over the past few years and now the people responsible need to pay for it. I support the gov. bailing out the financial sector because if it fails then the entire world's economy will also fail but we need to put responsible, conservative (in business practices and spending, not necessarily politically) executives in place.

[PhiGam]

Originally Posted by joliebelle

"Thain also said he plans to reimburse Bank of America for $1.2 million spent to renovate his office a year ago...He called the expenses "a mistake in the light of the world we live in today."

http://news.yahoo.com/s/nm/20090126/...famerica_thain

And their stock has fallen substantially since the announcement