So what if your company loses $15 billion in one quarter — that doesn’t mean YOU have to cut back on your lifestyle.
Merrill-Lynch’s John Thain was at the helm as his company plunged toward oblivion late last year until finally suckering Bank of America to acquire the money-hemorrhaging firm. That rotten acquisition has contributed to BOA now needing a $20 billion bailout from the U.S. government.
Unlike taxpayers, however, Thain is feeling no pain — and we’ve got the photos to prove it. Sure, he owns a $27 million residence in Manhattan but let’s take a tour of his $10 million country home, which is so big it spans more than one town and has a river running through the property!
Property records show Thain’s Westchester County, N.Y. house has 16 bedrooms and 16 baths, more than enough room to house some of the many workers who lost their jobs as he led the company to record loses! The two-story mansion has more than 6,000 square feet of living space — on the ground floor alone! Two tennis courts and a pool help divert your attention away from growing morose about the shattered company you left behind. The property is so large it spans two towns!
Of course Thain’s pain is mitigated by a $15 million signing bonus in 2007 on top of his $750, 000 yearly salary (though he was only at Merill-Lynch for a few weeks garnering just $50,000 of that). Hey, maybe he could loan some of that to Bank of America and spare the taxpayers from bailing out the company that absorbed his money sieve. After all, he paid out millions in bonuses to his workers in 2008, even as his firm lost $27 billion!