More corporate greed: Take their hands

[Joanne98]

This being a family newspaper, we are limited in what words we can use to describe ousted Merrill Lynch boss John Thain. But among the cleaner ones, "wretch," "rapscallion" and "scoundrel" come to mind.

Just days before Bank of America closed on its taxpayer-bolstered rescue of the foundering brokerage firm -- and still losing billions of dollars in bad derivative bets -- Mr. Thain expedited the payment of $4 billion in bonuses to Merrill employees. Thain sought, but did not receive, a $10 million bonus.

But that's not all. As the Merrill Lynch ship began listing earlier in 2008, Thain, the former head of the New York Stock Exchange, was treating himself to the usual accoutrements of corporate greed. He spent $1.2 million to redecorate his office. That included a $131,000 rug, $87,000 worth of "guest chairs," a $68,000 credenza, a $35,000 commode and a $1,400 wastebasket.

Oh, did we forget to mention that Thain neglected to tell his new bosses of rapidly escalating year-end losses and that led to a second multibillion-dollar taxpayer bailout of Bank of America?

Once upon a time, the generally employed cliche for folks like John Thain was that he should be locked up and the key should be thrown away. But that's far too good for this crowd. Given what's now at stake -- America itself -- cutting off some hands and dangling a tourniquet in front of these shameless purveyors of greed would suit most Americans just fine.

http://www.pittsburghlive.com/x/pittsburghtrib/opinion/archive/s_608556.html



:)

It's a great idea but it probably wouldn't work. They're just like pedophiles. They can't stop!

[LiberalEsto]

1. Greedophiles

We need a new word to describe them, and this would seem to fit.

[Joanne98]

2. I like it.

[.... callchet ....]

3. We need a movement !

[lostnotforgotten]

4. Pretty Bold Editorial There - Surprised It Was Actually Published

eom

[Joanne98]

5. Me too! I guess people are getting REALLY mad.

Which is a good thing.