Tuesday, January 27, 2009

Being John Thain II

Mr. Thain offered some lame excuse for why his office was redecorated last year to the tune of $1.22 million citing that the financial crisis was not as bad at the time. He also intimated that this is just what they do.

In his contrition Thain failed to mention the $2 billion to $3 billion dollars in employee bonuses while Merrill lynch was reporting loses last year. Yes, he said that he was "sorry" and would pay back the $1.22 million (mere chump change for this guy) for the redecoration costs. Is that enough?

Thain seems to be simply on a mission to rehabilitate his image. He wants another job. But has he learned anything? If board of directors look at this guy as viable, let them rehire him somewhere else. But anywhere he goes his bad behavior is likely to follow and any bailout money given to a company he leads should be made to be repaid immediately.

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