Video: Credit crunch and the $US1100 wastepaper bin

Video: Credit crunch and the $US1100 wastepaper bin

Merrill Lynch CEO John Thain spent US$1.2 million on redecorating his office and paid out over US$3 billion of taxpayers' money on bonuses for investment bankers at Christmas even as Merrill Lynch was revealing US$15 billion of losses. Thain's profligacy gives an insight into the culture of US investment banking that helped produce the Credit Crunch.

We welcome your help to improve our coverage of this issue. Any examples or experiences to relate? Any links to other news, data or research to shed more light on this? Any insight or views on what might happen next or what should happen next? Any errors to correct?

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.

Your access to our unique content is free - always has been. But ad revenues are diving so we need your direct support.

Become a supporter

Thanks, I'm already a supporter.