John Thain

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John Alexander Thain (54) Killed Redecorating While Rome Burns

The financial crisis today claimed another unexpected victim. Tragically, John Thain, born May 26, 1955, who was the last and final Chairman and CEO of the iconic Merrill Lynch . Kenneth Lewis, CEO of Bank of America today announced that John Thain had voluntarily resigned his position. Thain the primary engineer of the much heralded shotgun wedding between the two financial giants had suffered a terminal case of loss of confidence and joined the world of the reputationally dearly departed. Thain had been  designated to become president of Global Banking, Securities and Wealth management in the  combined company, following the merger  he masterfully engineered between Merrill Lynch and Bank of America (now known as Booba or Bank Offically Owned By America).

Apparently while the financial world around him was imploding and layoffs abounded Thain was busy redecorating his Merrill offices at an expense in excessof $1 million.  Ironically he  fatally burned by an $87,000 area rug in  the new digs  which became public courtesy of the Daily Beast.   This seems to have been straw that broke the camel's back was not that the U.S. Tresury had to throw an extra $20 billion into the kitty to help close the deal that was imploding under previously unanticipated, undisclosed and highly alarming losses a mere 45 days after the deal was announced, nor the $15 billion of unexpected write downs that Lewis felt Thain had not adequately disclosed. Nay! The fatal straw seems to have been Thain's redecorating budget of his new offices at merrill'sWhilst Thain   He resigned from the company on Thursday, January 22, 2009 following a brief meeting with the Grand Poobah of Booba CEO Ken Lewis.  The Associated Press identified Thain  as the highest -paid CEO in 2007, among S&P 500 companies. On Monday, December 8, 2008, Thain had given up his pursuit of a controversial $10 million bonus award from the Compensation Committee of Merrill Lynch on that company's last day as an independent company.