Friday, 23 January 2009

Bloomberg and the February Magazine Cover Story

Funny photo, isn't it?

Bloomberg Markets published this for its February edition. It's called
''John Thain, Merrill's Repairman.´´ (click for the link.) The lead reads: ''John Thain, an MIT-trained engineer, will have to mend morale and overhaul risk controls as head of the world's biggest brokerage. He may also have to write off billions more in bad debt.´´ A pity that he didn't manage to accomplish either of the tasks: revamp morale and risk controls. A pity he didn't see the end to the billions in writedowns. He didn't do a good job at that anyways. A pity that Charlie Gasparino ruined the party (for both the former Goldman Sachs and NYSE executive and the magazine) by reporting Thain's infamous office redecoration that cost both American taxpayers and Merrill shareholders $1.2 million.

I wonder what will be the follow-up to this one.

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