It was early 2008. Merrill Lynch profits were down and it was time to cut expenses and layoff thousands of employees. John Thain, a.k.a. John the "Taint", CEO of Merrill Lynch, did his part to pitch in. He decided to show good faith to the employees he was about to get rid of by redesigning his office in Lower Manhattan for only $1.22 Million.
Here were some of the big ticket items:
Celebrity Designer Fee: $800,000
Area rug Number 1: $87,000
Area rug Number 2: $44,000
Pedestal table: $25,000
19th Century Credenza: $68,000
Sofa: $15,000
Curtains: $28,000
Chairs: $87,000
George IV Desk: $18,000
Mirror: $5,000
Chandelier:$13,000
Waste Can (My Personal Favorite): $1,400
In February, 2009, Thain announced his resignation and said he would pay Merrill back….Riiiight!!!
