In addition to this morning's revelations in the FT regarding Merrill's bonus payments stunt, CNBC is now reporting that John Thain spent $1.2m to redecorate his office. Apparently Ken Lewis has had enough. I don't blame him. From Bloomberg:
Bank of America Corp. Chief Executive Officer Kenneth Lewis will hold an emergency meeting today with John Thain to discuss Thain’s future with the firm, a person familiar with the matter said. Thain, 53, the former CEO of Merrill Lynch & Co., is under pressure after Merrill reported a $15.4 billion fourth-quarter loss and Bank of America was forced to return to the government for a new funding package. Thain spent $1.2 million to redecorate his office at New York-based Merrill, CNBC reported today.Good riddance.