Pioneer HQ has just undergone a facelift, but it appears we set our sights too low. Among the dirt thrown at departing Merrill Lynch CEO John Thain was that he spent $1.2 million sprucing up his office, including: $87,000 for an area rug in Thain’s conference room and another area rug for $44,000; a “mahogany pedestal table” for $25,000; a “19th Century Credenza” in Thain’s office for $68,000; a sofa for $15,000; four pairs of curtains for $28,000; a pair of guest chairs for $87,000; a “George IV Desk” for $18,000; six wall sconces for $2,700; six chairs in his private dining room for $37,000; a mirror in his private dining room for $5,000; a chandelier in the private dining […]

Ken Lewis’ dramatic firing of John Thain from BofA only highlights the next departure — Ken Lewis. He bought Merrill at the height of the crisis and clearly fumbled the due diligence on the deal. Otherwise, why does he need $20b in funds and $120b in guarentees from the Feds to do the deal only a few short months later? A hidden winner in all this? Old Friend Brian Moynihan, who takes over for Thain.

After a legislative hearing on public-private partnerships last month, the Governor reportedly tee’d off on one of the hearing chairs: Patrick….suggested that Baddour’s [the hearing chair] preference for privatizing roads and bridges suggested Republican leanings, according to people familiar with the conversation. Now comes news that the Mass Turnpike is indeed planning to put the turnpike service plazas out for a long-term lease. We are pleased to see the Administration’s new-found openness to the concept and hope they have had a chance to read our analysis of PPPs and case studies on their usage in Massachusetts. Given the Governor’s control of the Turnpike, this is doubtless being done with his blessing. However, with no comprehensive transportation reform plan out publicly […]

Several folks, including a recent commenter, have posed a similar question — if the handshake agreement between Partners and Blue Cross has raised healthcare costs so much, why hasn’t someone come up with a non-Partners insurance product? I can’t say that I have an absolute answer. But, I would point you in the direction of the closest analogue I can think of — Unicare’s Commonwealth Choice PPO plan, which is available to state employees. It limits you to a variety of community hospitals, BIDMC, and Children’s Hospital (the only contact with the Partners network, as far as I can tell. Jump on our GIC health insurance comparison website — www.gicestimator.com — and pretend to be an employee of one of […]