Corporate excesses

It’s the start of the new year and given the current economic climate, excesses (abundance) seem to be the call of the day. But not when your name is John Thain. The former Merrill Lynch chief executive reportedly spent US$1.2 million on his office renovation, of which US$87,784 went on a rug, US$68,179 on a 19th-century credenza, US$28,091 on curtains, US$18,468 on a George IV chair and US$35,115 on a commode. Apparently, the interior designer wasn’t the only beneficiary. Thain’s driver took home US$230,000 for a year’s work.

Now, does that make Thain the US version of NKF’s TT Durai?