… but some of these guys need to be wearing orange jump suits and picking up trash alongside the highway.
Merrill CEO (now former CEO) John Thain lavished his office with $1.22 million worth of area rugs, wall sconces, chandeliers, and a $35,000 “commode” after inheriting a struggling investment bank that would have been liquidated had it not been for its shot-gun marriage with Bank of America.
Thain, according to documents reviewed by The Daily Beast, spent another $233,000 on a driver for the past year—more than twice as much as most CEOs. He personally signed off on the expenses, which were paid with company money. He did not reimburse the company for the expense, according to a person close to the firm.