Fiddling while Rome is burning

You're probably asking yourself how in the world could John Thain spend $1.2 million redecorating his office while the firm is going down in flames all around him? According to CNBC, Thain paid "$837,000 and his purchases included $87,000 for area rugs, $25,000 for a pedestal table and $68,000 for a 19th century credenza"
Mr. Thain is in good company. Michael Smith, the interior designer who Thain used, has also been hired by First Lady Michelle Obama to redecorate the White House.

When I heard about this story, I thought that it sounded very 1987 and that Darien Taylor, the Darryl Hannah character from Wall Street, was his designer.

Again, just like with the Madoff scandal, I am happy that things like this are coming to light, but not because I think that it will usher in a new era in corporate governance. Wasn't Sarbanes-Oxley supposed to do that? Hell, wasn't the creation of the SEC in 1934 supposed to do that? It's just yet another sign that we're working our way slowly through the muck.