austindefender

Criminal defense in Austin Texas.

Masters of the Universe

Posted By on January 27, 2009

Maureen Dowd:

In an interview with Maria Bartiromo on CNBC, Thain used the specious, contemptible reasoning that other executives use to rationalize why they’re keeping their bonuses as profits are plunging.

“If you don’t pay your best people, you will destroy your franchise” and they’ll go elsewhere, he said.

Hello? They destroyed the franchise. Let’s call their bluff. Let’s see what a great job market it is for the geniuses of capitalism who lost $15 billion in three months.

John Thain, if you remember, was the guy at the helm of Merrill Lynch, who spent a million dollars redecorating his office while his company was going broke.

Ever wonder how you spend $1.2 million on an office?

Apparently it involves spending $35,000 for a commode.


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