I love it, amidst the ever increasing world woes John Thain has been forced to resign. Instead of showing empathy for his crashing share price he goes on a spending bender like no other. He pimped out his office last year with an $87,000 rug and a $68,000 credenza. In total Mr. Thain has spent $1.2 million redecorating his office. When Rome is burning why shouldn’t Mr. Thain have a nice office with a good view of the fires?

I love the audacity and thoughtlessness of the man. It just reiterates the disparity between Wall Street and Main Street. Thain was known as the Clark Kent of Wall Street but it looks like Superman went bad.

With Bank of America struggling to absorb Merrill Lynch and Countrywide along with its own credit losses this couldn’t have come at a worse time. Mr. Thain is also now accused of misrepresenting the risks Merrill had.

With the taxpayer pumping $20 billion into Bank Of America and backstopping $90 billion of questionable assets its not looking good for the battered bank. Additional losses and credit card debt are some of the highlights we can expect in this ongoing drama.

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