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Will the higher ups in the financial industries really change?

Asked by Bri_L (12206points) January 23rd, 2009

I just read this:
“Unemployment in the United States has risen again. It went up by one when John Thain the CEO of Merrill Lynch departed shortly after the loss-making financial group was absorbed by Bank Of America. It has emerged in the last few days that Mr Thain spent more than a million dollars re-decorating his office – and paid the interior designer Michael Smith $800,000 to get it looking just the way he wanted. That’s apparently eight times what Mr Smith is being paid to makeover the White House for the Obamas. My favourite item on Mr Thain’s shopping list – which has a flavour of decadence you’d associated with early Elvis or one of the later Roman Emperors – is a waste bin that cost $1,400 (£1,000). Look out for a more austere, chastened version of capitalism in the coming months (and maybe years) of recession.”
from here and it ticked me off. I don’t understand how this can possibly be justified. Granted, I have no financial training.

Could someone explain how this makes sense to do?

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