In this era of total uncertainty, folks seem to be clinging symbols. At least that symbolism is there and at least it can be read into.
That's why former Merrill Lynch Chief Executive Officer John Thain should have paid more attention to what his actions and decisions could be symbolizing. Today he resigned from Bank of America [BofA], which had taken over Merrill Lynch. Before that, despite the rocky patch his company was going through, he stuck with his vacation plans. He had been warned it would look bad for him to attend the World Economic Forum [WEF] confab in Davos and yet he had intended to fly out to Davos.
That WEF event, contends A. Craig Copetas in the January edition of BLOOMBERG MARKETS, had morphed from serious think tank to celebrity strutting. In addition, Copetas outed that it costs companies up to $750,000 annual dues for the privilege of having their executives attend Davos.
The BofA folks seemed to perceive Thain's decision-making as errors in judgment. Thain is no longer with BofA.
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