John Thain's $1.22 million office suite

2muchcoffeeman · Jan 22, 2009

Who is John Thain? Well, until today he was head of the portion of Bank of America that used to be Merrill Lynch, where he had been CEO since last January until Merrill Lynch hit an iceberg last fall.

And with extravagances like the aforementioned office redecoration, you can see why.

In early 2008, just as Merrill Lynch CEO John Thain was preparing to slash expenses, cut thousands of jobs and exit businesses to fix the ailing securities firm, he was also spending company money on himself, senior people at the firm say.

According to documents reviewed by The Daily Beast, Thain spent $1.22 million of company money to refurbish his office at Merrill Lynch headquarters in lower Manhattan. The biggest piece of the spending spree: $800,000 to hire famed celebrity designer Michael Smith, who is currently redesigning the White House for the Obama family for just $100,000.

The other big ticket items Thain purchased include: $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 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.

The documents also show that Thain signed off on the purchases personally. "Labor to relamp the six wall sconces" cost $3,000, and Thain authorized the payment of another $30,000 to pay the expenses Smith incurred in doing the work. Thain has hired Smith—whose celebrity client list includes Steven Spielberg, Michelle Pfeiffer, Cindy Crawford and Sir Evelyn de Rothschild—to design and decorate his private residences. They include a Manhattan apartment at 740 Park Avenue, and his 10-acre mansion in Rye, NY.
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http://www.thedailybeast.com/blogs-and-stories/2009-01-22/john-thains-87000-rug/
http://www.thedailybeast.com/blogs-and-stories/2009-01-22/john-thains-top-16-outrages/
http://www.cnbc.com/id/28793892
http://www.cnbc.com/id/28796511

poindexter · Jan 23, 2009

For all you who claim we HAVE TO HAVE THE BAILOUT, enjoy the knowledge that this is where your bailout money goes.

Flying Headbutt · Jan 23, 2009

He's a piece of shit and a bad human being.

Simon_Cowbell · Jan 23, 2009

poindexter said:

For all you who claim we HAVE TO HAVE THE BAILOUT, enjoy the knowledge that this is where your bailout money goes.
Click to expand...

This guy must be hung on the floor of the NYSE, on pay-per-view.

I am not exaggerating in the least.

Disgusting bastard, every bit as awful as any murderer.

PeteyPirate · Jan 23, 2009

I'd settle for a printer that works.

Flying Headbutt · Jan 23, 2009

Simon_Cowbell said:

poindexter said:

For all you who claim we HAVE TO HAVE THE BAILOUT, enjoy the knowledge that this is where your bailout money goes.
Click to expand...

This guy must be hung on the floor of the NYSE, on pay-per-view.

I am not exaggerating in the least.

Disgusting bastard, every bit as awful as any murderer.
Click to expand...

As anti-death penalty as I am, sometimes the pissed off side of me thinks China has it right in this one instance.

poindexter · Jan 23, 2009

I didn't click on the links but I read yesterday that his personal driver made $238,000 last year.

That is where your bailout money is going.

Simon_Cowbell · Jan 23, 2009

Flying Headbutt said:

Simon_Cowbell said:

poindexter said:

For all you who claim we HAVE TO HAVE THE BAILOUT, enjoy the knowledge that this is where your bailout money goes.
Click to expand...

This guy must be hung on the floor of the NYSE, on pay-per-view.

I am not exaggerating in the least.

Disgusting bastard, every bit as awful as any murderer.
Click to expand...

As anti-death penalty as I am, sometimes the pissed off side of me thinks China has it right in this one instance.
Click to expand...

You would clean up the majority of the problem.

cranberry · Jan 23, 2009

I don't care about the office and the driver as much as the $4 billion in bonuses he gave to his executive pals, including $10 million for himself, just before the company reported a $15 billion fourth-quarter hit.

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John Thain's $1.22 million office suite

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