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John Thain, Finance Titan Who Introduced $35,000 Commodes To Wall Street, Will Retire In March

What's next? We have some theories.
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Jonathan Alexander Thain is a veteran of Wall Street whose resumé includes years of service at many of Wall Street's most storied firms. President and co-chief operating officer of Goldman Sachs from 1994 to 2000. CEO of the New York Stock Exchange from 2004 to 2007. CEO of Merrill Lynch from 2007 to 2009. CEO of CIT Group from 2010 to, we learned this afternoon, next March. But among all of his lofty titles, all of his contributions to the financial services industry, one stands out among the many: his demand of excellence in the field of interior design. Naturally, we speak of the décor job he commissioned for his office at Merrill Lynch, to the tune of $1.22 million. For those of you in need of a refresher, recall that Thain's decorating job, as reported at the time by Charlie Gasparino, included:

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

He was ultimately fired, for the crime of having fabulous taste. And although he kept a promise to stifle his instincts to do a total gut-job to his office at CIT, you know a little part of him died. The part that said "Look at this hideous wallpaper" and "I can't work without my George IV chair" and "Blech, this the credenza was made in the 20th century."

So while we don't know what his post-retirement plans entail, we hope you'll all join us in saying a little prayer: that he follows his passion, and finally opens Thain Interior Design. And that maybe you'll give him your business.

CIT's Thain Plans to Retire in March, Succeeded by Alemany [Bloomberg]

Earlier: John Thain Kept His Promise To Never Redecorate An Office To The Tune Of $10 Million Again


John Thain Is Ready For His Next Challenge

After he was unceremoniously fired from his post at the newly formed Bank of America Merrill Lynch, for reasons that included paying out big bonuses to ML executives and decorating his office with $1,500 garbage cans, John Thain understood that he would have to recede from the limelight for a bit. Take a job at a smaller firm and keep his head down for a while. Spend more time with his honeybees. Get back to his fighting weight. Drink a raw egg for breakfast every day. Run up and down the stairs of the Met. Work in a hideously decorated space, no matter how much it hurt.  Win some awards. Get his confidence back. Let people miss him. Well, Thain did all that. And now? He's ready for you to make him an offer. Thain, currently the CEO of a small lending outfit called CIT Group, has been quietly shopping the firm to a larger player with the goal of selling possibly to a big bank and emerging as a candidate to run the bigger company, according to investment bankers with direct knowledge of the matter. Bankers say Thain began putting out feelers to sell CIT after the firm failed in its bid to purchase ING Direct earlier in the year. “They've been shopping themselves off and on because they have virtually no deposit base and thus no low-cost source of funds to run their business,” said one banker at a major firm with knowledge of CIT’s activities. “Thain may also be putting out feelers, trying to get a drumbeat going. Who knows, but it's certain he's up to something.” Anyone want to give him a big boy bank (or something) to run? Read more: Looking For A Comeback, John Thain Shops CIT [FBN]

CEO Who Dropped $16,000 On Designer Commode For His Office Not Feeling SEC's Pay Ratio Rule

John Thain's not sure why the disparity between his pay and his employees' pay is anyone's business but his own.

John Thain Awarded The One Bonus That Can *Never* Be Clawed Back

When people think of John Alexander Thain, as people surely often do, lots of thinks come to mind. High school wrestling. Competitive bee-keeping. Masterful stewardship of Wall Street firms. $68,179 19th Century Credenzas. $35,000 commodes. $28,091 curtains. $87,784 area rugs. $1,405 garbage cans. A keen eye for interior design and fabulous taste in general. Though we knew the current CIT Group chief executive officer was a father, we probably wouldn't have included his parenting skills on a list his noted attributes and accomplishments, only because he has too many to mention. Apparently this represents a gross oversight because John Thain? Is a phenomenal dad. Award-winning, in fact. he National Father’s Day Committee, an entity of the Father’s Day/Mother’s Day Council, each year confers Father of the Year Honors on contemporary lifestyle leaders of our culture whose lives are dedicated to family, citizenship, charity, civility, responsibility and reverence. The funds raised by our Annual Father of the Year Awards Presentation are directed to the support of worthwhile concerns affecting men, fathers, and families. The objective of our program is to enhance the meaning of Father’s Day and encourage universal observance. 2012 Honorees include: Oscar Feldenkreis, Reynold Levy, Shaquille O'Neal, and John Thain. An award of this magnitude of course deserves a little more than a press release, so naturally, there will be a luncheon and presentation on June 14. Until then, the group is accepting nominations to add to the list, so if you think any of your favorite dads have been overlooked, do speak up today. Ken Lewis could use this. Father Of The Year Awards [M&D via BI]