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Stop CEOs Flagrant Hedonistic Spending

January 22, 2009

BossKitty, still sick, but could not resist this denouncing another demonstration of detachment from reality.  I am tired of the clueless, narcissistic, self-important, CEO mentality.  These Corporate Icons, who pose as leaders of industry, are nothing more than overpaid elitist, Oedipus complexes in over priced underwear.  Hired for their ability to run a corporate ship into seas of profit, the outrageous salaries and perks they receive could fund a small country.  This leads my thoughts into the dark realm of profits … what exactly is the profit margin and product mark up?  It must also be outrageous, for a company to afford such extravagant CEO compensation, along with multi-million dollar perks, to decorate an office they expect to visit when the whim grabs them.  Everyone knows CEOs do their important business on yachts, golf courses and secret retreats.

Flaunting their ability to pay for all the extras, CEOs have become icons of disgrace.  No one expects the high profile merchant class to eat cat food, nor should they brag about a $200 pooperscooper.  Like Marie Antionette, “let them eat cake”, US CEOs are behaving a bit moronic.

Anger should be aimed at the clueless nature of CEO mentality.  Save the corporate profit while TAXPAYERS pave the way … grab what you can before the crumbling consumer class can buy no more.  How exactly did this news break?.

johnthain

Before Accepting Bailout Billions, Exec Said To Have Hired Decorator-To-The-Stars; Purchased Luxury Furnishings

Less than one month into his new gig at the Bank of America, Merrill Lynch CEO John Thain resigned today after it was revealed that he doled out executive bonuses a month ahead of schedule and just days before his struggling Merrill Lynch firm was acquired by the BofA.

Although no reason was given for his resignation, a spokesman for Bank of America, which acquired Merrill Lynch at the beginning of this year in a government-negotiated deal to save it from collapse, issued a statement saying: “(BofA Chairman and CEO) Ken Lewis flew to New York today to talk to John Thain. And it was mutually agreed that his situation was not working out and he would resign.”

The amount in bonuses paid out was between $3 and $4 billion, according to the Financial Times. Exorbitant Wall St. bonuses have garnered increased attention since the economic collapse and subsequent billions in bailout funds have gone to help companies stay afloat.

Bank of America, which received $25 billion in bailout funds before being handed an addition $20 billion last week, said Thursday that it knew Thain gave the incentives ahead of time.

“Merrill was an independent company until Jan. 1 of 2009,” said spokesman Scott Silvestri. “John Thain decided to pay year-end incentives in December, as opposed to their normal date in January. Bank of America was informed of his decision.”

Report Says Thain Spent Over $1 Million To Redecorate Office

To make matters worse, Thain is now facing more criticism for reportedly spending $1.2 million to lavishly decorate his Merrill Lynch office early last year while the firm was fighting to survive.

Thain splurged on interior designs from the Obama’s chosen White House decorator Michael Smith ($800,000), two area rugs ($131,000), two guest chairs ($87,000), a 19th Century credenza ($68,000), four pairs of curtains ($28,000), and a mahogany pedestal table ($25,000), according to Charlie Gasparino, the CNBC contributor and Daily Beast columnist who broke the story.

Other items mentioned: six dining room chairs ($37,000), a George IV Desk ($18,000), a custom coffee table ($16,000), a sofa ($15,000), a chandelier ($13,000), a mirror ($5,000), six wall sconces ($2,700).

Also reported to be on the list was a trash can for $1,400.

“… documents also show that Thain signed off on the purchases personally. “Labor to re-lamp the six wall sconces” cost $3,000, and Thain authorized the payment of another $30,000 to pay the expenses Smith incurred in doing the work. Thain has hired Smith—whose celebrity client list includes Steven Spielberg, Michelle Pfeiffer, Cindy Crawford and Sir Evelyn de Rothschild—to design and decorate his private residences. They include a Manhattan apartment at 740 Park Avenue, and his 10-acre mansion in Rye, NY.”

Attorney General Continues Anti-Bonus Crusade


starbucks_workers_union_logoStarbucks spends lavishly on corporate jet for CEO while cutting back on worker benefits and hours

The IWW Starbucks Workers Union has issued a statement in response to Starbuck’s expression of its corporate values by purchasing a new $45 million jet for CEO Howard Schultz. Starbucks workers recently won a court victory when the company was found guilty of violating labor laws.
“The IWW Starbucks Workers Union is appalled that Starbucks spent $45 million on a new corporate jet so that CEO Howard Schultz could spend the holidays in Hawaii glad-handing sports superstars while baristas and shift supervisors are denied the work hours they need to make ends meet in the midst of an economic crisis. With that $45 million, Starbucks could provide over five million additional work hours to employees in need or maintain its gutted 401k program for three additional years.

Despite Economic Crisis, It Is Still A Gilded Age For Our Two Presidents

Laura Bush enjoyed a few final moments in the spotlight, while showing off the new White House china, which she has chosen to add to the White House collection, only two weeks before making-way for a new administration.

Though she glowed as she pointed to the gold rimmed plates and the reason behind placing the image of a magnolia leaf in the center of the posh dinnerware, the First Lady failed to disclose the price of this latest extravagance. The price was discovered to be a whopping $550,000.

Of course, the plates were purchased for the benefit of the privileged few who will dine at the White House, by the much beleaguered taxpayers (Many of whom are having trouble buying groceries, much less fine china.).

When asked about the curious timing of the rather absurd purchase, White House Press Secretary Dana Perino told reporters there´s “no time but the present.”

Perino´s flippant answer speaks volumes as to the disdain our current political leadership has for working class Americans.

Now is the time to make demands of that corporate planet that orbits and reaps rewards from the planet that we live on. That same corporate planet does it’s voodoo, then markets their product back to us.  They always make it sound as if we would all die without their stuff (product), or, be less social, less sexy, less popular or even thinner.  All these things are more important than your pitiful story.  CEOs are convinced we are overstating our problems, while they lay us off.  Do they really feel we should all “get over it”, recover and buy their stuff again.

Whatever happened to “Lead by example”?  Was that a fairy tale, too?

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