Here's The Fool Proof Way John Thain Can Save CIT...


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.)

See our IKEA furniture picks for Mr. Thain’s new office >

DOKUMENT Waste Bin: $5.99

Clear, transparent waste bin so that all the documents you want the Feds to see you trashed are right front and centre.

Merrill Lynch Office Parchment Waste Can: $1400

Savings: $1394.01

Source: IKEA

ERIK Filing Cabinet: $89.99

Solid filing cabinet with all the fixings, including the locking bottom drawer.

Merrill Lynch Commode On Legs: $35,000

Savings: $34,910.01

Source: IKEA

The MATTEUS Desk: $179.00

Not exactly executive quality, the MATTEUS desk at least has room for an all important Bloomberg terminal, best watched when your company's CDS really starts to skyrocket.

Merrill Lynch George IV Desk: $18,000

Savings: $17,821

Source: IKEA

KL√ĄPPE Swivel Chair: $329.00

A little bit of a splurge on the chair, but Mr. Thain is meant to be comfortable in his position, even if the government oversight doesn't make him feel like it.

Merrill Lynch Office Chairs: $43,500

Savings: $43,171

Source: IKEA

GALANT Conference Table: $299.00

For midnight meetings in which you get far more for your company than it could ever be worth considering.

Merrill Lynch Office Coffee Table: $16,000

Savings: $15,701

Source: IKEA

Cowhide Rug: $249.00

A bit of the animal spirits to remind Mr. Thain of his old home at Merrill.

Merrill Lynch Area Rug: $87,000

Savings: $86,751

Source: IKEA

GALANT Drawer Unit: $160.00

The more elegant filing option, with plenty more locking space for all those important 'for your eyes only' documents.

Merrill Lynch 19th Century Credenza: $68,000

Savings: $67,840

Source: IKEA

KVINTOL Lamp: $24.99

The discerning lighting choice for the Chief Executive of our age.

Merrill Lynch Chandelier: $13,000

Savings: $12,975.01

Source: IKEA

GOSSIG Bulldog: $9.99

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.)

Source: IKEA

Total Projected Savings: Over $1.2 Million...Plus A Reputation

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

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