Video: Credit crunch and the $US1100 wastepaper bin
26th Jan 09, 5:00pm
by
Merrill Lynch CEO John Thain spent US$1.2 million on redecorating his office and paid out over US$3 billion of taxpayers' money on bonuses for investment bankers at Christmas even as Merrill Lynch was revealing US$15 billion of losses. Thain's profligacy gives an insight into the culture of US investment banking that helped produce the Credit Crunch.
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