Merrill Lynch CEO: Thain spent $1.22 million of company money

[katty]

more: http://www.thedailybeast.com/blogs-and-stories/2009-01-22/john-thains-87000-rug/

Andrew Harrer, Bloomberg News / LandovIn a Daily Beast/CNBC exclusive, Charlie Gasparino reveals how Merrill Lynch’s CEO spent over $1 million and hired the Obamas' decorator to redecorate his office last year—even as the firm faced a financial crisis.

UPDATE: Bank of America has just announced that Thain will leave the firm, less than a month after its merger with Merrill.

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.

Big ticket items included $87,000 for an area rug, four pairs of curtains for $28,000, a pair of guest chairs for $87,000 and fabric for a "Roman Shade" for $11,000.

[HughBeaumont]

1. Guillotines. 1 gets chopped, 395 other greedbags get the message.

Greed and it's slaves are America's real terrorists.

[notadmblnd]

2. These people really do think that they're entitled to the trappings off royalty dont they?

I'd give the bastard an folding table and folding chair in a broom closet as an office.