Saturday, 31 January 2009

Thank you Mr Thain

This week, focus on Mr Thain, the 4 billion dollars in bonuses he paid to Merrill Lynch staff just before the completion of the take over by BofA, the 1.2 million dollars he spent refurbishing his office, including a now famous and slightly offending $ 1,400 waste-paper bin. That is it. For months people tried to put a face on the financial crisis, so that they would have someone to blame. It had to be a banker. It had to be an American one. It had to be one obviously so arrogant that he would become detestable by every body. Mr Thain, congratulations. You have just been voted by the public opinion, the financial crisis scapegoat.
Enough.

  • Enough of the people blaming the bankers for this crisis but who are also first in line to put pressure on the same bankers to get the highest possible returns on their capital. Usually without paying too much attention to the risks.
  • Enough of all those blaming the big bonuses because they would like to have their share of the cake and don't. Hey, the more we are to eat on it, the smaller will the shares be. Back off !
  • Enough of all those imbeciles who do not understand that when you make millions a year, the base price for a waste-paper bin is $1,400. End of story. Below that it would probably be made in China and would therefore not earn a living for a good American worker (by opposition to the Chinese worker who has to be bad). By the way, how much is Obama's bin worth, in the oval office ?
  • Enough of all those criticizing these wealthy people, when the only thing they are aspiring too is to become on of them. And then, spend a million dollars or so in the refurbishment of their office, to show it off to their competitors. Just to show them who they are. The riches must have their own little pleasures too...in particular if they are funded out of other's money. Does anybody think that Ford's or GM's CEOs have offices decorated with Ikea kind of furnitures ?
  • Enough of our western societies, stinking jealousy and greed where people are ready to do absolutely everything to satisfy their highest need: make money to buy stuffs, then show these stuffs off to those who cannot afford them and by doing so, claiming a higher step on the ladder of consumerist stupidity. All societies have their own hierarchy. This is ours.
In this society Mr Thain, you were right at the top. You could only go down. You just did. But you know Mr Thain, that silently, a lot of Merill Lynch employees, who are in the process of loosing their jobs in this merger, will thank you for this last bonus that may keep them afloat during the tough months ahead.

And unlike the dreamers who believe that a better and fair world will emerge out of this, you know that there will always be someone to take your seat, in your newly decorated office. Someone who will look the waste-paper basket everyday and secretly say: "Thank you Mr Thain...I quite like it".

3 comments:

  1. A few problems in your reasoning.

    First, the mass that is complaining today is from across the board, not only the "poor" or "jealous ones". Check the news.

    Second: pressure to get high return on capital comes from INVESTORS Yann! NOT from those (jealous/poor) blaming this fucking Mr Thain. ROI is NOT a word that comes from the poor's mouth but from FUCKING INVESTORS requesting 12% or more.
    Now, promise a 3% return on a savings account to a family of three when there is no other choices and this family will be happy and will look no further, all with limited risk.
    But if the fucking bank offers the family of three an array of new exotic investment vehicles with high yields (because they are asked by greedy investors to seek higher ROI) of course the family will pick the higher return vehicle. The shame is that the offer is being made REGARDLESS of the investment profile and risk aversion of that family, unlike what bankers pretend.
    Reminder: The family of three didn't know about options and derivatives until fucking bankers (like me when I worked at SG Equities&Derivatives) created them and marketed (read: nicely packaged) them to consumers. Big marketing by the way with fake promises such as "get rich quick!".

    Third: "when you make millions a year, the base price for a waste-paper bin is $1,400". True in a purely private purpose Yann (at home, using YOUR OWN wallet). LESS TRUE at all in a corporation world using corporate funds, no matter the size of it. NOT TRUE AT ALL when the said corporation is actually LOOSING money, not making "millions a year" as you stated. Forgot the news already?????

    Last, I approve critics on the wealthy when it appears that their wealth and luxury pleasures end up being funded by TAXPAYERS.
    Simply put, no one would have heard of such stupid luxury bin expense if taxpayers money was not involved in the bail-out!!!!!!!
    Another clear example: during all those past years of [over]expansion and excess (which EVERYBODY was aware of), such scandal over a luxury bin expenditure have never emerged. Yet, as a matter of fact, many prosperous corporations (such as Ford) made such luxury expenditure back then. No scandal emerged then because no bail out was involved!
    But if one touches (read: waste) the taxpayers' money to bail out the very same money-loosing fucking bank that is making such a luxury, useless expense, then there is a HUGE PROBLEM, therefore COMPLAINTS and INSULTS towards FUCKING MR THAIN are plainly JUSTIFIED.

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  2. You completely missed my point.
    Interesting reading though: I have known you a bit more liberal than that but with less vocabulary: Fucker, Fuck, Fucking...name,verb, adjective. Nice.
    :-)

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  3. The purpose of that vocabulary (which indeed is not me) was to heat up the debate on a quite controversial tropic you brought up.
    So I guess you ALSO missed my point.
    I know how you feel, you work for an industry whose greed and selfishness is under the spotlights.
    Tough time man. You deserve better and you know it.

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