Bank of America executives have recently expressed shock at the bad state of recent acquisition Merrill Lynch. Maybe they would not be so surprised if they had considered Lynch CEO John Thain’s $1.22M renovation bill for his office last year, which featured an $87,000 rug and $15,000 sofa — even as he cut expenses for others and laid off staff. After all, the CEO sets the tone for the rest of company, right?
I guess I’m not alone in thinking this!
Here’s an interview excerpt (with context) from Bert Ely, a credentialed American banking expert, who shares my (and Denninger’s) opinion that Paulson’s mega-bailout just isn’t necessary.