John Thain was fired this week as CEO of Merrill Lynch after zillions more in garbage assets were found on their books by BofA, who bought the company last September.
Thain apparently had been a busy guy since the sale, whining that he should get a huge bonus because he arranged it (conveniently forgetting of course that it was his avarice and stupidity that helped drive Merrill into bankruptcy.)
But wait, it gets worse. He was even more contemptible that that, because he spent $1.2 million AFTER the bailout re-decorating his office.
John Thain. Poster child for the greed-head piggery and selfishness that created the credit crisis and now a recession.
Hey, there’s at least one growth industry that has emerged out of all of this. Private security and bodyguards for the fallen wealthy. I bet their business is booming. Thain will almost certainly need bodyguards for the forseeable future, along with Madoff’s sons, and many more. They just need be careful that one of the bodyguards doesn’t have a brother that got fired when Merrill went belly-up or who lost everything with Madoff.