I can’t believe Merrill Lynch’s CEO actually spent $1.2 Million to Refurnish his Office in 2008!

Uh, hello? Didn’t Merrill Lynch get a huge chunk of Bailout money from Congress becuase the company was having to fire its employees??? According to the Bloomberg report on Jan 23, 2009, that’s exactly what John Thain did.

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.”

Did you get that? “Thain was compensated well enough to foot the bill himself if he wanted such an upscale redecoration.”

I just can’t believe that as his company was firing employees, Thain actually had the gall to redecorate his office. Somebody must think he’s really special.

That’s why I started the Cause on Facebook called 18:1. I don’t think that CEOs of companies which needed to be bailed out with taxpayer dollars by Congress should be getting paid seven-figure annual salaries, when the rest of us are facing the same problems and still having to make ends meet.

No matter what your views are about the bailout and whether CEOs should be getting paid 467 times the lowest company salary, you are invited to join the cause, 18:1, by clicking this link.

We don’t have all the answers, we just want to get the ball rolling on how we can solve this problem….18:1.

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One Comment on “I can’t believe Merrill Lynch’s CEO actually spent $1.2 Million to Refurnish his Office in 2008!”

  1. michael orshan Says:

    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.


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