Banker Spends $1.2 million on Office Fitout

#1
And we thought Main Building was bad !!! Two chairs for $90,000 ???????

http://news.efinancialcareers.co.uk/newsandviews_item/newsItemId-17004

or

http://www.cnbc.com/id/28793892


John, 'Commode on Legs', Thain, is leaving Bank of America 'with immediate effect.' Thank you to the reader of the last article who flagged this up marginally before it became common knowledge.

Thain's swift removal follows the news that he spent $1.2m carefully crafting his office at Merrill. This included (according to CNBC), the purchase of the following highly indispensable items:

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


Initial reports suggested that Thomas Montag, a buddy from Goldman whom Thain hired on a guaranteed payout of $39.4m for last year, was also going. It now appears that this isn't the case after all. Montag is still to be head of global markets at the combined Merrill/Bank of America business.


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.


And the interior designer that did this is Michelle Obama's choice for theWhite House - here we go again ...........
 
#2
Ah, so that's where the government bail-out went. Nice to know our money's being spent on the things that truly matter to the economy.

Trickle down economics at its best.
 

Biped

LE
Book Reviewer
#4
The fact is - these people are so far removed from reality, even news reports and the general disgust of the public simply doesn't even get noticed.

They are the fat cats, insured by governments for their gargantuan screw-ups, and we are the proles who's money they play with to get rich.

The bleating of the proles cannot be heard in the hallowed halls above the clouds.
 

Biped

LE
Book Reviewer
#6
Azrael2006 said:
I'm confused on this post, are we talking about a banker or MP misappropriately using funds....

its so easy to do ;)
ahaaaa - there IS a difference though - the electorate gives one group their jobs, but not the other group . . . . oh, Mandel who?
 
#7
Azrael2006 said:
I'm confused on this post, are we talking about a banker or MP misappropriately using funds....

its so easy to do ;)
John Thain was the US CEO of Merrill Lynch. Merrills have gone the same way as Lehman', old family firm that went too far too fast and crashed into Bank of America. The son of one of the founding members worked there until quite recently and boy, was he p*ssed off about what happened.

The irony was that Thain was there to cut costs and rescue the business. How many low level people were made redundant to pay for his office ......... I mean £700 for a bin? The man should be publically whipped.
 

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