John Thain

When John Thain became Merrill Lynch’s CEO in early 2008 he redesigned his office spending 1.2 million. Can you believe this? How out of touch are CEOs?  1.2 million buys a nice house in most areas across the country and he spent all of this on an office makeover.

Ex CEO of Merrill and Today Ex CEO of Bank of America

After only a few months Thain is now the ex CEO of Bank of America who recently acquired Merrill Lynch. “Thain, 53, lost his job after Merrill’s unexpectedly large $15.4 billion fourth-quarter loss forced Bank of America to return to the U.S. government for a new funding package (http://www.bloomberg.com/apps/news?pid=20601087&sid=apwXZlxMaUm4&refer=home).” If Thain makes decisions about his company the way he redesigns his office Thain deserves to go.

Here’s what 1.2 million buys you according to CNBC:

• 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