About John Thain’s Rug

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Doesn't this look like fun? Photo: Getty Images

Much attention has been paid to the $35,000 commode and $87,000 area rug former Merrill Lynch CEO John Thain purchased to dress up his office precisely while the company was going to shit. But we think there might be another problem with Thain's allocation of company resources, something the IRS might want to investigate. Gasparino's mind-blowing report indicates Thain purchased "another area rug" in his orgy of spending, this one for $44,000, but the location for said rug is not given. It's just like it's kind of slipped in there. Readers, we ask you: Look at the picture of John Thain at left and tell us this: Might the man have been declaring a certain personal item an office expense?