CEO John Thain, Redecorating Office and Skiing in Vail during Economic Crisis

Merrill Lynch CEO John Thain, an uber-Marie Antoinette, has finally gotten the ax from his new boss Kenneth D. Lewis, chief executive of Bank of America (who bought Merrill Lynch in the fall and is now experiencing a form of M&A food poisoning).  

This is good news, given how self-indulgent and out-of-touch Mr. Thain has revealed himself to be in the last couple of months.  Check this out from yesterday's New York Times:

Mr. Thain, who is 53, drew criticism from both outside and inside Merrill Lynch for suggesting in October that he be paid a large annual bonus, said by individuals briefed on the matter to be $30 million to $40 million. In December, the individuals said, the figure dwindled to $10 million and in the end, he received no bonus at all. He later denied having asked for one.

When Merrill Lynch alerted Bank of America in mid-December that its losses were ballooning, Mr. Lewis did not hear the news from Mr. Thain, who around that time left for a skiing trip at his second home in Vail, Colo.

Recent reports that Mr. Thain had spent $1.2 million to redecorate his office caused Mr. Lewis to further question Mr. Thain’s judgment, according to a person close to Mr. Lewis.

Correct me if I'm wrong, but even the thickest person should be able to deduce that:

a) it's a very bad idea to ask for ANY bonus, much less a seven-figure bonus as the rest of the country is calling for your head on a platter 

b) it's not appropriate to go skiing in Vail when your company's losses are ballooning, and you're the CEO

c) you don't redecorate your office for $1.2 million when you're entire industry is asking for billion-dollar handouts from Washington

Come to think of it, this tally causes one to wonder what in the world motivated Lewis to keep Thain on for this long.

Honor amongst thieves?