John Thain's Driver Made $230,000: Report

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Not only Thain, but the board of (mis)directors need to be hung by the necks to show that the working stiff are fed up with this crap. And our Congress is no better than they are. In fact, we have Barney Bedfellows standing up for his buddy at one of the F.M's.and calling for the head of Ford to take a cut from $28m. His bedbud was making about 4x's that amount and Bedfellows didn't ask a thing out of him (except maybe come back!) Talk about Americans getting the short end, and you end up with our government (mis)reps.

Howard R. Shaw of FL 9:44PM January 27, 2009

MIKE CLARK SAID IT ALL,OBAMA SHOULD BE DOING WHAT MIKE SAID RIGHT NOW.
SEND THE SECRET SERVICE AFTER HIM NOW
I DONT HAVE TO SAY ANOTHER WORD

DAN SCHACHTEL of NJ 6:55PM January 25, 2009

Do we know if any of these charges of excessive redecoration costs of his office are true? Where are the on-line copies of the original billings and what, exactly, are the full contexts of this spending? Also, how is it any different from the crazy spend-money-like-mad schemes of the Liberals? Thain was working for a private firm, I suspect, when it was decided to spend this money, and then later--merely a guess on my part--the federal funds came in. Were the redecoration funds separately funded from the federal funds? Bizarre office redecoratuion budgets are common not only in industry, but in government, too. Also, I note that most of the items listed in the news articles are portable and seem to be antiques, which means they go up in value after the Recession is over. One could sardonically note that the redecoration of his office was the only thing Thain could make a solid investment in. Still, I want to see a detailed budget breakdown using original documents.

Franz In Medina Ohio of OH 2:31PM January 25, 2009

Our elected representatives that facilitated this should have their names published on every front page..
But, alast, Mr. Thain contributed heavily to them, and would have been likely appointed to some position in administration.
THE BEAT GOES ON !
The already over taxed get more taxes and the slackers get more largess,

Claude Dance of LA 6:13PM January 23, 2009

In his time John Thain will have paid enough tax to buy many many rugs! Its not only your tax dollars but also his, and all the other folks from the banking industry. They have paid tax too. Masses of it over the years. How about you looking at the folks down the road who bought a bigger house than they could afford and two new cars and flexed their credit cards too hard, they are folks who took your tax dollars to repay the lenders for the loans they defaulted on. There is world wide responsibility here. John Thain didn't create the financial crisis we are all in right now. Everyone who couldn't say no to themselves has caused this. It leaves very few exeptions.

J Power UK 11:30AM January 23, 2009

CEOs with such large incomes are totally disconnected from reality.
What are unaffordable luxuries that can't even be envisioned by some people are taken for granted, or even "basic necessities" for people in such high income strata. The CEOs sit on offices on the highest floors of their office towers, isolated as much as possible from the rank and file on whom the CEO's stratospheric income depends, so the CEOs have no idea how the bottom 99% live. Perhaps they knew once, but the monstrous egos that drive their ambition and blind them to the plight of both employees and shareholders quckly squeezes out any inherent humility.
There is nothing wrong with paying a CEO outrageous sums, but boards of directors have to ask, is it in SHAREHOLDERS best long-term interest to do so? Is it right to hire a CEO who will only accept a Lake Wobegone above-average compensation package, especially when paying more and more does NOT return more and more to the shareholders over the course of of both up AND down markets?
The answer is a resounding "no", but the memories of decision makers stretches back to only the most recent press release of new highs in executive compensation.

Rob of NY 10:22AM January 23, 2009

Everyone knows a CEO needs a $35,000 commode and a $1,400 wastepaper basket (from Globe and Mail today)

Jackie of TX 9:35AM January 23, 2009

During the 80's I worked in the General Services area at Merrill for 6 years. The drivers reported to our unit and we handled all the travel and perks for, what is now the 32nd floor Executives. None of this surprises me. I used to say to colleagues, if I spent less than $10k a day on Executive perks it was a low spend day. Oh the stories I could tell!

kasius of NY 7:34AM January 23, 2009

Loyalty to friends is everything, loyalty to institutions is nothing.

FATAH SANTOSA of CA 1:44AM January 23, 2009

Somebody ought to start grabbing these guys up, they walk around like they don't have a care in the world . If i saw him on the street I would grab him up take him to the bank or have him write a check to the US Government for all his bonuses he has received in the last two years as head of Merill Lynch. All the bonusese he paid his Merril Lynch employees at the end of 2008 in December would be refunded either by him or the people he paid the money to. If he didn't give the money back, he would be locked up for fraud, lying to the US Government, lying to the CEO of Bank of America. All the employess that received those bonuses in December 2008 , would also return their money & if they refused would be locked up for fraud against the US Government. If any of these fat cats refused , lock them up.Same thing with Madoff , he is just walking around, he stold over 50 billion dollars, the most ever in history lock him up no questions asked , bail 1 trillion dollars , as a matter of fact lock up his whole family.All the money Thain spent on redoing his office make him take back all the furniture , 1. 2million dollars he spent , if he refuses lock him up , you need help with any of these tasks email I will do it myslf.

Mike Clark of NC 11:47PM January 22, 2009