John Thain Quits Bank of America, Leaving $87,000 Rug Behind from Gawker

After details of a spending spree became public, Merrill Lynch CEO John Thain has resigned from his post at Bank of America, which bought his firm in the midst of the Panic of '08.

The $1.2 million Thain spent redecorating his office — with expenses like an $87,000 area rug and a $35,000 "commode with legs" — paled beside the $15 billion in losses Merrill reported for the fourth quarter. The losses were so heavy, and so unexpected, that Bank of America CEO Ken Lewis met secretly with government officials and negotiated a new infusion of cash from the government's bailout fund.

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