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Thursday, January 22, 2009

John Thain Spends $87K on Rug, Resigns

John Thain resigned today as CEO of Merrill Lynch amid scandal. The 53-year-old ex-Goldman Sachs banker formerly known as "Mr. Fixit" may now better be known for spending $1.22 million redecorating his office at the Four World Financial Center in the midst of the subprime crisis. According to CNBC, Thain spent the majority of the bill hiring Michael Smith, who is now redoing the White House for the Obamas, for $800,000. For his part, Obama was able to recruit the celebrity designer's services for a comparable $100,000 bargain.

Alson on his shopping list, Thain secured an $87,000 area rug for his 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 room for $13,000; fabric for a "Roman Shade" for $11,000; a "custom coffee table" for $16,000; something called a "commode on legs" for $35,000; a "Regency Chairs" for $24,000; "40 yards of fabric for wall panels," for $5,000 and a "parchment waste can" for $1,400.

Merrill Lynch was sold to Bank of America in September for $28 billion on the same day that Lehman Brothers filed for bankruptcy.

john thain
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