A Day at the Office

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A DAY AT THE OFFICE….When I read that Merrill Lynch CEO John Thain had spent $1.2 million redecorating his office, my first thought wasn’t, “What a moron.” (That was second.) It was, “How can you spend that much on one room? Solid gold wall sconces? Ashtrays carved out of moon rocks? What?” Luckily for me, Charlie Gasparino has the answer:

The biggest piece of the spending spree: $800,000 to hire famed celebrity designer Michael Smith, who is currently redesigning the White House for the Obama family for just $100,000.

The other big ticket items Thain purchased include: $87,000 for an area rug in Thain’s conference room and another area rug for $44,000; a “mahogany pedestal table” for $25,000; a “19th Century Credenza” in Thain’s office for $68,000; a sofa for $15,000; four pairs of curtains for $28,000; a pair of guest chairs for $87,000; a “George IV Desk” for $18,000; six wall sconces for $2,700; six chairs in his private dining room for $37,000; a mirror in his private dining room for $5,000; a chandelier in the private dining room for $13,000; fabric for a “Roman Shade” for $11,000; a “custom coffee table” for $16,000; something called a “commode on legs” for $35,000; a “Regency Chairs” for $24,000; “40 yards of fabric for wall panels,” for $5,000 and a “parchment waste can” for $1,400.

Impressive! But it doesn’t add up to $1.2 million. It adds up to $1.3 million just for these 19 items alone, and there were probably plenty of smaller ticket nicknacks too. Plus labor — unless that’s included in Smith’s fee. Probably not, I suppose, which means this monument to American capitalism must have run at least a couple million bucks. The Sun King would have been proud.

And my third question? That’s easy: “Who leaked this?” Most probable answer: BofA chief Ken Lewis, the guy who fired Thain, in an effort to keep attention focused on his scapegoat of the hour. Good luck with that, Ken.

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Thank you!

We didn't know what to expect when we told you we needed to raise $400,000 before our fiscal year closed on June 30, and we're thrilled to report that our incredible community of readers contributed some $415,000 to help us keep charging as hard as we can during this crazy year.

You just sent an incredible message: that quality journalism doesn't have to answer to advertisers, billionaires, or hedge funds; that newsrooms can eke out an existence thanks primarily to the generosity of its readers. That's so powerful. Especially during what's been called a "media extinction event" when those looking to make a profit from the news pull back, the Mother Jones community steps in.

The months and years ahead won't be easy. Far from it. But there's no one we'd rather face the big challenges with than you, our committed and passionate readers, and our team of fearless reporters who show up every day.

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