Ex Merrill Lynch CEO John Thain Becomes New "Spokesman" for IKEA
Started by The_President
over 16 years ago
Posts: 2412
Member since: Jun 2009
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How long until Thain does IKEA commercials???? Thain Says He Should Have Furnished Merrill at Ikea Sept. 18 (Bloomberg) -- John Thain, the former chief executive officer of Merrill Lynch & Co. who was accused of overspending on an office renovation as the broker teetered, said he should have bought less-expensive furniture at Ikea. “We decorated it in the style that Merrill Lynch offices were,... [more]
How long until Thain does IKEA commercials????
Thain Says He Should Have Furnished Merrill at Ikea
Sept. 18 (Bloomberg) -- John Thain, the former chief executive officer of Merrill Lynch & Co. who was accused of overspending on an office renovation as the broker teetered, said he should have bought less-expensive furniture at Ikea.
“We decorated it in the style that Merrill Lynch offices were, which was very, very nice,” Thain said yesterday during a speech in Philadelphia. “That was a mistake, and I’m sorry that I did that. If I had that to do over again, I’d furnish it in Ikea.” His remark was met with laughter and applause at the University of Pennsylvania’s Wharton Business School.
Thain, 54, said he reimbursed the company for $1.2 million spent to redecorate an office, two conference rooms and a reception area. He was dismissed from Bank of America Corp., which bought Merrill Lynch on Jan. 1 for $29 billion, after the renovations came to light. The furniture included a $35,000 commode -- “not a toilet, it’s a chest of drawers,” Thain told the crowd -- and a $25,000 antique mahogany pedestal table.
“John, stop by Ikea anytime,” said Mona Astra Liss, a spokeswoman for the retailer, known for assemble-it-yourself furniture and in-store restaurants. She offered to show “a wealth of furniture choices” for home and office, “and feed you Swedish meatballs, too.” Ikea, founded in Sweden and registered in Leiden in the Netherlands, sells a 3-drawer chest for $49.99.
http://www.bloomberg.com/apps/news?pid=20601087&sid=abh_b8i2h9Ik[less]
Response by drdrd
over 16 years ago
Posts: 1905
Member since: Apr 2007
Ah, here's the Ikea connection which I read on another thread. Sure he'd do it differently; he got BURNED - but I'd bet that he still thinks he's a higher form of life 'cause he's a banker, he's in money, he's on the street. Yeah yeah yeah.
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Response by The_President
over 16 years ago
Posts: 2412
Member since: Jun 2009
as with any crook, the only thing Thain regrets is getting caught...
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Response by marco_m
over 16 years ago
Posts: 2481
Member since: Dec 2008
Mark Cuban made a similar degrading remark about Dairy Queen a few years ago...then he went and worked there for a day..it was pretty funny
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Response by marco_m
over 16 years ago
Posts: 2481
Member since: Dec 2008
Thain did the right thing by ML shareholders..that merger doesnt get done, ML goes to zero. Its BAC that should have backed out, but the govt wouldnt let them. thats the truth
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Response by Riversider
over 16 years ago
Posts: 13573
Member since: Apr 2009
Something about the Merger and bonuses smells, I"m not sure what but...
$15 billion in bonuses against a $50 billion purhcase price(30%)
Proxy reported that Merrill could not pay bonuses without Bank of America’s approval, but failed to mention that such approval had been granted.
where there's smoke there's fire.....
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Response by columbiacounty
over 16 years ago
Posts: 12708
Member since: Jan 2009
according to the times, "the attorney general of New York State, raised hackles by disclosing how Merrill Lynch distributed its $3.6 billion 2008 bonus pool." where does the $15 billion figure come from? and why was it up to thain to disclose instead of lewis?
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Response by marco_m
over 16 years ago
Posts: 2481
Member since: Dec 2008
It was a ridiculous transaction no doubt...Im sure some of that bonus money will get clawed back eventually. that was the weekend lehman went under so the government couldnt have 2 banks go down at once. they saved ML and let lehman go.
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Response by Riversider
over 16 years ago
Posts: 13573
Member since: Apr 2009
where does the $15 billion figure come from? and why was it up to thain to disclose instead of lewis?
good question.. I can't find my original source. figure must be including the losses.
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Response by columbiacounty
over 16 years ago
Posts: 12708
Member since: Jan 2009
losses were $27 billion. don't want to defend any of these guys in any way but troubled by people throwing around numbers. oh well.
Ah, here's the Ikea connection which I read on another thread. Sure he'd do it differently; he got BURNED - but I'd bet that he still thinks he's a higher form of life 'cause he's a banker, he's in money, he's on the street. Yeah yeah yeah.
as with any crook, the only thing Thain regrets is getting caught...
Mark Cuban made a similar degrading remark about Dairy Queen a few years ago...then he went and worked there for a day..it was pretty funny
Thain did the right thing by ML shareholders..that merger doesnt get done, ML goes to zero. Its BAC that should have backed out, but the govt wouldnt let them. thats the truth
Something about the Merger and bonuses smells, I"m not sure what but...
$15 billion in bonuses against a $50 billion purhcase price(30%)
Proxy reported that Merrill could not pay bonuses without Bank of America’s approval, but failed to mention that such approval had been granted.
where there's smoke there's fire.....
according to the times, "the attorney general of New York State, raised hackles by disclosing how Merrill Lynch distributed its $3.6 billion 2008 bonus pool." where does the $15 billion figure come from? and why was it up to thain to disclose instead of lewis?
It was a ridiculous transaction no doubt...Im sure some of that bonus money will get clawed back eventually. that was the weekend lehman went under so the government couldnt have 2 banks go down at once. they saved ML and let lehman go.
where does the $15 billion figure come from? and why was it up to thain to disclose instead of lewis?
good question.. I can't find my original source. figure must be including the losses.
losses were $27 billion. don't want to defend any of these guys in any way but troubled by people throwing around numbers. oh well.