Poor John Thain lost his job today. I blogged about him before, but I didn't know how correct my sentiment was when I said that Merrill's CEO John Thain deserved a one-way ticket to a lake of fire. Q4 numbers have just been released for Merrill Lynch, and it turns out they lost $15.31 billion. Billion. Billion. Billion. Say that fifteen billion times and you will start to get a feel for how painful it is. Of course, lots of people at Merrill still got their year-end BONUSES last year for LOSING $15.31 billion. It turns out Thain's office also got a $1.22 million facelift when he became Merrill's CEO. ($1405 for a wastebasket!?!?) I'm sorry, but that borders on sociopathic behavior. With the median price of a home in America hovering at around $250,000 (and plunging), no one in his right mind should renovate his office at a cost of $1.22 MILLION. If this is how we're going to spend taxpayer money, why not just pay off people's individual mortgages?
Bye bye John Thain. The bad news is you're probably going to hell. The good news is you're not going to be lonely there.