Leadership and Ethics
John Thain the infamous Merrill Lynch CEO who was reviled for buying a $35,000 toilet during the peak of the financial crises is now at CIT working on turning things around.
It’s amazing to me how the leaders of these sinking ships manage to land on their feet in another leadership position.
Maybe I’m not smart enough to comprehend this but it’s really amazing how a leader for a company that is run into the ground can be selected once again to have another stab as the Chief Executive. Obviously there are some great folks who get caught up in situations that are out of their control but the CEO is not one of those people. They are the leaders that ultimately need to be held accountable. The buck has to stop somewhere.
Thain might be a financial wizard and have many other great qualities but a CEO should also have strong ethics.
One can only question the moral integrity of someone who can spend $1.2 Million to redecorate their office while 20 folks at $60k a year could be kept in work a little bit longer.
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