Reference no: EM131376290
What's Wrong with This Bathroom? If you were the CEO of a global financial company that was experiencing a financial crisis, would you invest $1 million to renovate your office? Probably not and you are possibly wondering if this is a fabricated story from The Onion. Guess what, this is a true story! John Thain, the former CEO of Merrill Lynch, decided to spend $1.2 million refurbishing his office-well after Merrill Lynch posted huge financial losses. Thain personally signed off on all of the following:
• Area rug: $87,784
• Mahogany pedestal table: $25,713
• 19th century credenza: $68,179
• Pendant light furniture: $19,751
• 4 pairs of curtains: $28,091
• Pair of guest chairs: $87,784
• George IV chair: $18,468
• 6 wall sconces: $2,741
• Parchment waste can: $1,405 (yes, for a trash can!!)
• Roman shade fabric: $10,967
• Roman shades: $7,315
• Coffee table: $5,852
• Commode on legs: $35,115 32 It takes years of education and work experience for people to build the skills necessary to take on the role of CEO. Obviously, a company like Merril Lynch would only hire a highly qualified person for the job. What do you think happened to John Thain? Why would he spend an obscene amount.
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