Friday, January 23, 2009
Abuse of bailout money !
We've talked a lot on this blog about why not to give the banks and others bailouts. The revelation that John Thain of Merrill Lynch spent 1.22 million dollars redecorating his office is enough to make the average American struggling to survive throw up. This is why you don't bail out businesses. There is no way to account for where and how the money is spent. The best news is that Thain has been fired. While probably not for his spending but I am sure it was the last straw. We cannot continue to support companies that are poorly run and losing money. Let the bad ones fail and the good companies will pick up the slack.