Ex-Merrill CEO John Thain on why he spent 1.2 million dollars to renovate his office: Black predecessor Stanley O'Neal's tastes were "very different"
If ever there was a living, breathing caricature of Wall Street executive douchebaggery, it would be John Thain, the man who spent over a million bucks renovating his office as his company was kicking employees into the shitter and hemorrhaging cash out of every orifice, not to mention pissing away the hard-earned money of it's clients and investors. Earlier today, Thain took to the airwaves on CNBC with The Money Honey to explain himself. Epic fail.
(via Eric Spiegelman)
New York Magazine's Jessica Pressler has been doing some great work on Thain. Here's a good recap of his evolving into the new villain of Wall Street.
6 comments:
http://www.cnbc.com/id/28793892
die.
Any pictures available? Before/after/now?
What's the problem? Here's this guy saying it was a different economic environment a year ago for Merrill but even so, I shoulda paid for it myself back then but didn't so I'm going to reimburse the company for it now. It's a perfect mea culpa: insight and contrition, a top to bottom 'my bad' and even though he fucked up then, his dicussion of it now is everything you'd want it to be. And that's not enough for Cajun Boy?
Thain is like the thief that is only sorry for his crime AFTER he gets caught. Just a guess, but I would imagine Thain would not be offering to pay for the redecorating if there had not been such outrage for how the banks blew thru the first chunk of TARP funds.
What's the problem? It's a complete and utter lack of any fiduciary responsibility what-so-ever. His mentality back then was "lets flush shareholder money down the toilet". The only reason he is saying he should have paid for it then was not because he actually thinks that, but rather to save face now. As you said CB "EPIC FAIL".
What's the problem? Besides the facts that have already been stated, HE SPENT $1.2M TO RENOVATE AN OFFICE. I don't care if it's a office plus some conference rooms, I helped my old company move into a new office and it cost us no more than $600,000. To tear down everything that had been in there and construct a new interior. For 60 office workers. And 120 street staff.
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