12:15 PM
John Thain Reportedly Resigns
After a morning meeting with Bank of America CEO Ken Lewis, former Merrill CEO John Thain reportedly resigned.
It seems that Thain spent $1.2 million decorating his office amidst the credit crisis.
The following is a list of the items in his suite, according to a Wall Street Journal article, which I believe was the first to report that Thain resigned.
* 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
Check out these stories from CNBC, Yahoo! Finance, and Chicago Tribune.
As the story develops, Advanced Trading will continue to post additional information.