It’s always quite amazing that the business world demands that everyone adhere to strict, high standards–except for those people running the business world. And that brings us to today’s newest example, John Thain, who got the axe at Bank of America:

His Wall Street pedigree seems impeccable. A top job at Goldman Sachs. The chief of the New York Stock Exchange. Finally, the reins of the stock market’s “thundering herd,” Merrill Lynch.

But in less than 15 minutes on Thursday, the charmed career of John A. Thain was derailed.

Three weeks after his foundering brokerage firm was sold to Bank of America for $50 billion in stock, Mr. Thain was pushed out by the bank’s chief executive, Kenneth D. Lewis, who is struggling to contain the damage from his bank’s daring gamble on Merrill Lynch.

   Wait a minute. Wasn’t it Thain who had to make the sale to B of A BECAUSE he had bungled the management of Merrill? Why would you hire the guy in the first place after he has to come begging to be rescued from disaster? This stuff could not have been a surprise:

Then a different picture began to emerge. Mr. Thain, who is 53, drew criticism from both outside and inside Merrill Lynch for suggesting in October that he be paid a large annual bonus, said by individuals briefed on the matter to be $30 million to $40 million. In December, the individuals said, the figure dwindled to $10 million and in the end, he received no bonus at all. He later denied having asked for one.

When Merrill Lynch alerted Bank of America in mid-December that its losses were ballooning, Mr. Lewis did not hear the news from Mr. Thain, who around that time left for a skiing trip at his second home in Vail, Colo.

Recent reports that Mr. Thain had spent $1.2 million to redecorate his office caused Mr. Lewis to further question Mr. Thain’s judgment, according to a person close to Mr. Lewis.

   As I’ve said before, we need to fire the whole lot of ’em and start from scratch with some competent people.