John Thain has just been named CEO of CIT and to celebrate we’re helping him do a bit of shopping.
As you may recall, back at Merrill Lynch Thain got into a bit of trouble before for his lavish office decorating, which cost Merrill Lynch $1.22 million.
Back in September, Thain admitted that this was a terrible mistake. “If I had that to do over again, I’d furnish it in Ikea,” Thain said.
We doubt John Thain has ever tried to shop at Ikea. So now that he has the chance to do it all over again at CIT, we decided to help him downscale his furnishings.
As a result of this Ikea shopping, Thain would save a ton! And maybe even restore his reputation. (Or at least establish that he has a sense of humour.)
A little bright spot on those more stressful days trying to wind down a failing corporation. Or, as an alternative, a stress squeezing device.
(No stuffed animals were reported among the Merrill Lynch purchases.)
All told that adds up to $1347. A far cry from $1,220,000 he reportedly spent redecorating his office at Merrill Lynch. To be fair, he probably needs a couple of chairs and maybe a few lamps. But we can project out from his original expenditure amount versus the costs at Ikea to determine that the total office furnishings should not cost more than $5,741. That's a savings of over $1,214,000.
Total Savings On Individual Items: $280,563
Total Projected Office Savings: $1,214,000