Merrill’s Thain Said to Pay $1.2 Million to Decorator (as the company was firing employees)

[RedEarth]

Source: Bloomberg)

Jan. 23 (Bloomberg) -- 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.

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.

Thain, 53, oversaw the sale of Merrill Lynch to Bank of America Corp. last month, and took over the bank’s wealth management and corporate and investment banking divisions. 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.

“Spending company money on a lavish re-do at a time when Merrill’s finances were rocky sends the wrong message,” said Amy Borrus, deputy director of the Council of Institutional Investors. “Thain was compensated well enough to foot the bill himself if he wanted such an upscale redecoration.”



Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aFcrG8er4FRw&refer=home

[RCinBrooklyn]

1. He should repay it into the NYS Unemployment Insurance Fund.

[LovableScamp]

2. I understand that the re-decorating is a professional

field but I hope the President and his wife can show how it can be done moderately and with class.

[movonne]

3. He sould be in jail...Now....

[aquart]

4. Embezzlement of public funds. He's a thief.

[mbperrin]

5. Demand repayment from him now.

Then prosecute him for receiving funds for fraudulent purposes.

[Sultana]

6. Any bailout supporters here?

:grr: :grr: :grr: :grr: :grr: :grr:

[acmavm]

7. NO!

[nyc 4 Biden]

8. I miss the French revolution.

ETA: for clarity

[pjt7]

9. Andrew Cuomo needs to step

up & put Thain in jail.