First draft: Now back to the economy

January 23, 2009

After a day of foreign policy, attention returns to the economy on Friday.

President Barack Obama and Vice President Joe Biden will meet with Democratic and Republican congressional leaders to talk about the economy. They will also hold a budget meeting and Obama will meet with Treasury Secretary-designate Timothy Giethner who won backing from the Senate Finance Committee on Thursday.

One of Obama’s concerns has been to make sure CEO pay stays in check. A big item in the news today is that former chief executive of Merrill Lynch John Thain — once a darling of Wall Street for selling Merrill to Bank of America — was ousted from the bank, which has been promised a $20 billion captial injection from the government.
MERRILL/US
Many of the morning television shows focused on Thain’s rampant spending decorating his office. News organizations are calling “corporate pig out” for spending more than one million dollars on redecorating. One example: an $87,000 rug. He also speeded up the payment of bonuses to Merrill executives just before the merger closed with Bank of America.

For more Reuters political news, click here

- Photo credit: Reuters/Punit Paranjpe (Thain at news conference in Mumbai in May)

2 comments

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/

NOW FOR THE REAL PROBLEM!

Finding a timely solution to the current economic crisis, is critical. Problem is, the Government just does not have enough money! To be effective a recovery plan MUST become self sustainable and renewable, favorable to Big Business as much as the jobless, and hopefully fund a diversity of projects.

For a Democrat and Republican ENACTABLE $1 Trillion stimulus package WITHOUT $1 OF DIRECT GOVERNMENT SPENDING, and teh beginning of the end to our current economic crisis, click on
http://www.theprosperitymandate.org

fanny and freddy are coming a calling again,the estimate this time is 53b. this is going to be an albatross for the dems.there are more skeletons in the cuboard than all depps movies.the pirates of the carribean,i sorry i mean congress,are trembling at the prospect,and the parrot on barneys shoulder that can only squawke bush is not going to be able help them this time.

Posted by brian lee | Report as abusive