Former Merrill CEO John Thain wishes he’d decorated with Ikea

Former Merrill Lynch & Co. Inc. chief executive John Thain — whose ouster came shortly after it was learned he spent $1.2 million to refurnish his office — has admitted that the egregious expenditure “was a mistake,” Bloomberg reported today.

“We decorated it in the style that Merrill Lynch offices were, which was very, very nice,” Mr. Thain said, according to Bloomberg. “That was a mistake, and I’m sorry that I did that.”

“If I had that to do over again, I’d furnish it in Ikea,” he added.

Mr. Thain was pushed out of BofA-Merrill earlier this year after his company’s $15.3 billion fourth quarter loss forced BofA to seek additional aid from the federal government. The huge loss can be traced in part to Thain’s decision to expedite year-end bonus payments to Merrill employees before the government deal closed.

Bank of America Corp. bought Merrill Lynch on Jan. 1 for $29 billion.

Related Topics: Merrill Lynch