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Former Merill Lynch CEO spent $1.2m on redecorating

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What ever will the US do without business leaders like John Thain? They always provided top quality financial numbers for the company and the shareholders and employees, but also moral guidance. We should all admire them and maybe even make TV shows that glorify them because they are *that* fantastic.

John Thain, the Merrill Lynch boss who orchestrated its fire sale to Bank of America at the height of last autumn's financial panic, has been ousted from the company after a vicious run-in with BoA's chief executive, Ken Lewis.

Insiders said Mr Lewis had lost confidence in the 53-year-old Mr Thain, amid rising unrest among Merrill's senior staff and after new allegations that Mr Thain spent $1.2m (£865,000) to redecorate his office even as Merrill's losses were skyrocketing.

The two men have been at loggerheads since last month, when unexpected losses on Merrill Lynch's trading desks came to light and threatened to unravel the takeover. A furious Mr Lewis initially considered backing out of the $50bn deal, but the US government agreed to provide $20bn in new capital and $118bn of guarantees to ease the strain of absorbing Merrill's battered balance sheet.
So what did Thain spend the money on besides a posh interior designer to the stars? (Well, isn't he also a star?)
* Area Rug $87,784
* Mahogany Pedestal Table $25,713
* 19th Century Credenza $68,179
* Pendant Light Furniture $19,751
* 4 Pairs of Curtains $28,091
* Pair of Guest Chairs $87,784
* George IV Chair $18,468
* 6 Wall Sconces $2,741
* Parchment Waste Can $1,405
* Roman Shade Fabric $10,967
* Roman Shades $7,315
* Coffee Table $5,852
* Commode on Legs $35,115

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