Thain to pay back office decorating costs

[napi21]

http://www.msnbc.msn.com/id/28856875/?ocid=MSNToolbar130

NEW YORK - Former Merrill Lynch Chief Executive John Thain said Monday he plans to reimburse Bank of America for a $1.2 million renovation of his office a year ago, calling the cost “a mistake in light of the world we live in today.”

Thain’s announcement came in a memo to Merrill employees. The renovation expenses, including reports of a trash can that cost $1,405, became a symbol of corporate greed and waste.

I'm very surprised at this! Somebody must REALLY have been beating him up over this!!!

[maxsolomon]

1. like the justice department?

it wasn't hank paulson.

[Mz Pip]

2. Now if someone can just humiliate

CITI enough that they'll cancel that order for a $50 million corporate jet to add to their fleet. One would think with all the cutback, layoffs and tanking shares CITI would need less planes rather than more. :eyes:

[ThisThreadIsSatire]

3. out of his signing bonus. n/t

[MarcMus]

4. How the Mightly Have Fallen

I remember reading an article about Thain over a year ago, where they described him as the master of the turn around. I guess he didn't work his magic this time at Merill. Tragic, but he was kind of a jerk. I doubt the office decoration was the worst of his flaws.

[terisan]

5. He will take it out of his personal petty cash fund or "walking around" money nt

[boobooday]

6. Sorry, not enough

Give back the bonus too.