Rich jerk watch

[Yo_Mama_Been_Loggin]

Back in the 1980s, the CEO of a major Seattle-based corporation took time to explain to me the difference, as he said, "between wealth, and unstoppable wealth." Some people are rich, but others are in a category where they just get richer despite themselves. That latter category is being tested in this Great Recession, but that hasn't stopped some big shots from going down grabbing all they can.

Reports indicate that former Merrill Lynch executive John Thain has been fired by Bank of America for doling out billions of dollars in bonuses to Merrill Lynch executives even as the failing company was about to be taken over by B of A and was reporting 4th quarter losses in 2008 of $15.45 billion dollars. At the same time the investment bank was going belly up, Thain decided to redecorate his office to the tune of $1.22 million which included a $35,000 toilet.

And here's an interesting tidbit to put in the Marie Antoinette file: Thain paid his personal driver $230,000 for one year's work. Notes CNBC, this is double the amount executive drivers usually get. Meaning even corporate chauffeurs have been hauling in $115K per year. That would buy five corporate toilets with enough money left over to wipe yourself with.

http://crosscut.com/blog/crosscut/18787/

[metapunditedgy]

1. Here's another one. New owner of Chicago Cubs?

Via the Chicago Tribune:

After nearly two years of intrigue, the billionaire Ricketts family
has emerged as the winning bidder to purchase the Chicago Cubs from
Tribune Co. for about $900 million, a source close to the winning bid
said Thursday evening....

The family patriarch, J. Joe Ricketts, grew up in Omaha and started a
discount stock brokerage. In the 1990s he transformed the company
into an Internet trading powerhouse now known as TD Ameritrade
Holding Corp....

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Today Ameritrade (the Ricketts' family company) reported that it has lost money in the downturn, and will be cutting jobs.

I and many other Ameritrade account holders were given misleading advice by Ameritrade sales reps. Some of the information their reps gave out would be enough to land them in major hot water, if records were kept. Of course, Ameritrade has lost (or refuses to share) the call records. There are some very sad stories with people encouraged to tie up their life savings in "safe" investments, and losing lots of money, or losing access to their money at a crucial time.

Ameritrade is meanwhile being investigated by state (and probably federal regulators) over their mis-representation of at least two issues that I know of to investors. Probably more, based on what I have seen.

For those who care, the family has provided major support to the Nebraska Republican party, including running for political offices, etc. (Probably helped them keep out of trouble for all they've done.)

[Clear Blue Sky]

2. This is the asshat who spent over $1M decorating his office.