Ken Lewis to meet with Thain on "his future"

In addition to this morning's revelations in the FT regarding Merrill's bonus payments stunt, CNBC is now reporting that John Thain spent $1.2m to redecorate his office.

Apparently Ken Lewis has had enough. I don't blame him. From Bloomberg:

Bank of America Corp. Chief Executive Officer Kenneth Lewis will hold an emergency meeting today with John Thain to discuss Thain’s future with the firm, a person familiar with the matter said.

Thain, 53, the former CEO of Merrill Lynch & Co., is under pressure after Merrill reported a $15.4 billion fourth-quarter loss and Bank of America was forced to return to the government for a new funding package. Thain spent $1.2 million to redecorate his office at New York-based Merrill, CNBC reported today.

Good riddance.