Reuters reports that Citigroup which received $45 billion in bailout money is going through with the deal to buy a $50 million dollar private jet for the company.
CNBC reports that former Merrill Lynch CEO John Thain resigned under pressure from Bank of America when it was revealed that he rushed out billions of dollars of bonuses in to Merrill Lynch executives on his last day as Merrill Lynch CEO. Bank of America, which received bailout money, asked for and received an additional $20 billion from the government to offset losses from Merrill Lynch. The brokerage lost $15 billion in the fourth quarter and more than $27 billion for the year.
Thain also spent $1.22 million to remodel his office. CNBC breaks it down for the readers:
Unfortunately, the same thing goes on here in Indianapolis. Too often "public-private partnerships," touted the last several decades by Republican and Democrat leaders as the savior of this city, have become an excuse for politicians to transfer taxpayer money into the pocket of big business, which often kicks back some of that taxpayer money in the form of campaign contributions. There is no more blatant example than Jim Irsay, the owner of the Colts, and local political leaders used taxpayer money to make him fabulously wealthy. Not surprisingly, he is also a big contributor to state and local candidates.
"When John Thain became Merrill Lynch’s CEO in early 2008, he hired Michael S. Smith Design to revamp his office suite, spending approximately $1.22 million according to documents.
The following is a list of the items in his suite:
— Area Rug: $87,784
— Mahogany Pedestal Table: $25,713
— 19th Century Credenza: $68,179
— Pendant Light Furniture: $19,751
— 4 Pairs of Curtains: $28,091
— Pair of Guest Chairs: $87,784
— George IV Chair: $18,468
— 6 Wall Sconces: $2,741
— Parchment Waste Can: $1,405
— Roman Shade Fabric: $10,967
— Roman Shades: $7,315
— Coffee Table: $5,852
— Commode on Legs: $35,115"
To gain majority status, Republicans locally and nationally need a populist agenda that will appeal to the common man and woman. Number one on that populist agenda needs to be condemning corporate welfare and, locally, bringing an end to public-private partnerships designed to make the corporate friends of politicians wealthier at the expense of taxpayers.