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