$1,405 Trash Can…And WTF Is A “Commode On Legs??”

January 25, 2009

Somehow I had missed this:

“The CEO of Merrill Lynch was abruptly ousted Thursday after it emerged that he had spent $1 million to decorate his office – including buying a $1,405 trash can – and rushed out billions in executive payouts just days before his firm went under.
John Thain, one of Wall Street’s biggest power players, was unceremoniously booted by Bank of America, which officially took over Merrill on Jan. 1 but kept him in a top position.
Sources said the main reason was Bank of America’s growing horror at the true extent of Merrill’s financial weakness, which forced the bank to beg for another $20 billion in taxpayer-funded bailout money last week.
But Thain’s firing also came hours after a news report detailed how he went on a lavish decorating spree last year, including an $87,000 area rug and a $35,000 ‘commode on legs’ – even as Merrill was slashing thousands of jobs.
And those extravagances pale next to the estimated $4 billion in bonuses for executives of the failing firm that Thain pushed out in December just before Merrill’s fire sale to Bank of America.
Thain, 53, is a former Goldman Sachs honcho dubbed ‘SuperThain’ by Institutional Investor magazine for taking over – and cleaning up – the New York Stock Exchange after the previous CEO flamed out over his $140 million bonus.”

Total fucking loss for words…

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