Friday, January 23, 2009

John Thain - Nihilist in Chief - goes Bye Bye

Merriam-Webster on-line definition for Nihilism:

a:a viewpoint that traditional values and beliefs are unfounded and that existence is senseless and useless b: a doctrine that denies any objective ground of truth and especially of moral truths…”

Maybe I am just mortal or I live in a scale of things that does not match reality on the lofty heights of Olympus where large corporate CEOs play with virtual reality spreadsheets instead of inspecting authentic reality factory assembly lines.

The abstract world of numbers and corporate spreadsheets has eliminated the human factor out of all corporate equations for decades.

When I read about outgoing Merrill Lynch chief or is it thief awarding 3-5 billion dollars in bonuses to corporate sycophantic louts before he dumped the Merrill Lynch toxic waste portfolio onto Bank of America I am not shocked especially when U.S. taxpayer money is being used to prop up this drunken nihilistic behavior. This drunken frat house nihilistic behavior has been going on for decades in corporate America. Congress will not change anything. Get real.

A microcosm of Thain’s ego and acceptable lack of morals in the business world is his million dollar office makeover in the past year while the company is losing money, hemmoraging it in fact. Nero fiddled while Roma burned. Thain and others redecorated. No doubt this was to improve one’s mood and to enhance positive attitude toward a future pickup in profits.

In his little cocooned privileged world of American business he managed to spend $87,000 dollars on an area rug for his office. This sounds outrageous but here is the good point. Bank of America can take a two year rapid depreciation on a nineteenth century antique Persian rug. That saves money. And in Thain’s contract he probably has exclusive bidding rights on obsolete property in his office. When he bids $10.00 and drags away the obsolete rug, he is being green. The Persian rug will not be dumped into a landfill.

Oh they say that American business can’t hack it in these tough days ahead. Just look to Mr. Thain for examples of courage and nihilism and antique corporate rugs rapidly depreciated from the federal government’s virtual reality spreadsheets.

Good riddins to obsolete corporate trash!

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