1. Farewells

    John Thain Resigns

    Does he get to take the office goodies with him? CNBC is reporting that former Merrill Lynch CEO John Thain has resigned this morning, less than a month after his brokerage firm was taken over by Bank of America. Thain became Bank of America’s head of global banking, securities, and wealth management after the merger on January 1. His relationship was strained with Bank of America head Ken Lewis after Merrill’s unexpectedly large forth-quarter losses, and he was facing pressure due to Merrill’s decision to move up its year-end bonuses. Charlie Gasparino broke word today on Thain’s lavish office, which included an $87,000 rug.

    Read it at CNBC