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John, 'Commode on Legs', Thain, is leaving Bank of America 'with immediate effect.' Thank you to the reader of the last article who flagged this up marginally before it became common knowledge.

Thain's swift removal follows the news that he spent $1.2m carefully crafting his office at Merrill. This included (according to CNBC), the purchase of the following highly indispensable items:

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

Initial reports suggested that Thomas Montag, a buddy from Goldman whom Thain hired on a guaranteed payout of $39.4m for last year, was also going. It now appears that this isn't the case after all. Montag is still to be head of global markets at the combined Merrill/Bank of America business.

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