John Thain, the former Merrill Lynch & Co. chief executive officer ousted yesterday, spent $1.2 million redecorating his downtown Manhattan office last year as the company was firing employees, a person familiar with the project said.Needless to say, stuff like this is grist for the mill for socialist trolls like Michael Moore and his kind. When bumbling millionaire grifters like Thain are seen in the corner suite, one hand pointing to where the credenza goes while the other one scoops up billions in public funds, it makes it lot more difficult for those of us who believe in free markets, limited regulation and taxation to prosecute our argument.
Thain hired Los Angeles-based decorator Michael Smith, chosen by President Barack Obama and his wife Michelle to redecorate the White House, CNBC reported. Thain paid Smith $837,000 and his purchases included $87,000 for area rugs, $25,000 for a pedestal table and $68,000 for a 19th century credenza, CNBC said.
...Merrill’s $15.4 billion fourth-quarter loss forced Bank of America to seek additional aid from the U.S. government, which last week agreed to provide $20 billion in capital and $118 billion in asset guarantees. (from Bloomberg.com)
(Thanks to For What it's Worth.)