David Kirkpatrick

January 27, 2009

Thain digs grave a little bit more deep

Filed under: Business — Tags: , , , , — David Kirkpatrick @ 2:58 pm

One, why is he talking to anyone in the press? He has nothing to gain and is now a great case study in bad public relations.

Two, I will never understand why C-level incompetence is almost always rewarded. This ass clown will get another job , probably soon, with the keys to the bus, a foot on the pedal and a big cliff looming after his first twist of the steering wheel.

And our tax dollars will be there to bail him out again.

From the link:

Former Merrill Lynch & Co. Chief Executive John Thain defended the acquisition of the brokerage by Bank of America Corp., saying the bank knew of the company’s losses and bonuses before the purchase closed.

Thain also said he plans to reimburse Bank of America for a $1.2 million renovation of his office a year ago, saying in an interview with CNBC Monday that “it is clear to me in today’s world that it was a mistake.”

“I apologize for spending that money … on those things,” Thain said in the interview.

He made similar comments in a memo to employees released Monday by media outlets.

When asked why he made the renovations in the first place, Thain said during the CNBC interview that former Merrill Lynch CEO Stan O’Neal’s office “was very different than the general decor of Merrill’s offices. It really would have been very difficult for me to use it in the form that it was in … It needed to be renovated no matter what.”

“I should have simply paid for it myself,” Thain added.

Spokespeople at Bank of America and Merrill Lynch declined to comment on the office renovation reimbursement.

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