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Claudia Imhoff

Welcome to my blog.

This is another means for me to communicate, educate and participate within the Business Intelligence industry. It is a perfect forum for airing opinions, thoughts, vendor and client updates, problems and questions. To maximize the blog's value, it must be a participative venue. This means I will look forward to hearing from you often, since your input is vital to the blog's success. All I ask is that you treat me, the blog, and everyone who uses it with respect.

So...check it out every week to see what is new and exciting in our ever changing BI world.

About the author >

A thought leader, visionary, and practitioner, Claudia Imhoff, Ph.D., is an internationally recognized expert on analytics, business intelligence, and the architectures to support these initiatives. Dr. Imhoff has co-authored five books on these subjects and writes articles (totaling more than 150) for technical and business magazines.

She is also the Founder of the Boulder BI Brain Trust, a consortium of independent analysts and consultants (www.BBBT.us). You can follow them on Twitter at #BBBT

Editor's Note:
More articles and resources are available in Claudia's BeyeNETWORK Expert Channel. Be sure to visit today!

January 2009 Archives

OK -- I have had a whole weekend to simmer down about John Thain, former CEO of Merrill Lynch, and his behavior. But it just kept getting worse and this morning, I have just had enough.

Granted we have had many blows to the integrity of the financial services industry to date but the newly disclosed actions of John Thain go way beyond simple greed, corruption and questionable judgment.

Let's start with this: Thain should have known better. After all, he replaced a CEO who embodied the corruption and excesses of the time - Richard Grasso. Grasso, you may remember, got the boot because he approved his stunning pay package - a whopping $187.5 million a year.

But Thain did him one better. In December, before Bank of America could complete its acquisition of Merrill Lynch, Thain hurriedly pushed through gigantic bonuses (somewhere around $4 BILLION!) for himself and his executive cronies. The bonuses are usually paid in January but he forced them to be paid in December. Why before the BofA acquisition? One can only speculate that BofA probably would not have approved of them, given their shock at the fact that the brokerage had lost $15 BILLION in the fourth quarter and more that $27 Billion for the year.

Perhaps it was Thain's end-of-year vacation in Vail that got people up in arms even as his soon-to-be boss at BofA, Ken Lewis, recommended against it.

But no, the icing on the cake? Thain's decision to spend $1.2 MILLION decorating his Manhattan office -- this as Merrill Lynch was hemorrhaging money and layoffs were pending. How nice that he has volunteered to pay for these extravagances, stating, "They were a mistake in the light of the world we live in today. I will therefore reimburse the company for all of the costs incurred."  Ya think???

The era of entitlement at financial companies must change if we are to see any real change for the better. If not, I fear we will read more stories similar to this one. And to Mr. Thain, all I can say is:

 May you rot in an exceptionally hot place.

 Yours in better times in 2009.

 Claudia

 

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Posted January 26, 2009 11:00 AM
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