UK
Exit Thain
22 January 2009
John, 'Commode on Legs', Thain, is leaving Bank of America 'with immediate effect.' Thank you to the reader of the last article who flagged this up marginally before it became common knowledge.
Thain's swift removal follows the news that he spent $1.2m carefully crafting his office at Merrill. This included (according to CNBC), the purchase of the following highly indispensable items:
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
Initial reports suggested that Thomas Montag, a buddy from Goldman whom Thain hired on a guaranteed payout of $39.4m for last year, was also going. It now appears that this isn't the case after all. Montag is still to be head of global markets at the combined Merrill/Bank of America business.
This is unbelievable! Justice for every downtrodden Bank of America analyst who's barely getting paid, let alone doing their business on a luxury commode.
PJ 22 Jan 2009
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