Dude! What were you thinking??
Great synopsis over at TPM, where you can find the top 10 list of Thain’s greatest moments! Per the link, “Thain, a top John McCain backer who was tipped as a candidate for a White House post had the Arizona senator won the presidency — has amassed quite a record in his short time at Merrill. Lavish personal spending, absentee leadership, bonuses for billions in losses — it’s almost been too much to keep track of.”
Here’s the first of the 10 greatest moments:
1. The Great Redecoration
Thain pays $1.2 million last year — well after Merrill’s huge losses on mortgage assets are known — to refurbish his office suite. That includes $800,000 to interior designer Michael S. Smith, who’s also redecorating the White House for the Obama family. (More Smith clients: Steven Spielberg, Michelle Pfieffer, and Cindy Crawford.)
Other expenses from the big redecorating project, all signed off on by Thain personally:
Area Rug: $87,784
Mahogany Pedestal Table: $25,713
19th Century Credenza: $68,179
Pendant 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
At this time, reports CNBC’s Charlie Gasparino on The Daily Beast, Thain is “preaching the virtues of cost control, telling employees to reduce expenses including car services, entertainment and travel”.
** Fancy French trash can picture! Yes, It really is made of paper! By the French!
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