Merrill Lynch CEO John Thain cut thousands of jobs to keep the company afloat while spending $1.22 million of the firm’s money on such necessities as an $87,000 area rug for his conference room, an $18,000 desk, a $1,400 wastepaper basket, 4 pairs of curtains for $28,000, and so forth.

The refurbishment was performed by one Michael Smith, who's redesigning the White House right now - for an eighth of what he charged the freewheeling Thain. Smith has also worked for celebrities, including Steven Spielberg and Cindy Crawford - though Spielberg and Crawford didn’t have shareholders picking up their tabs.

Mr. Thain is no longer with Merrill, which was bought by Bank of America (BAC) recently. This should give him enough free time to redecorate his $28 million duplex at 740 Park Avenue and his 10-acre mansion (which straddles 3 towns in Westchester County) by himself.

For more on John Thain’s spending habits, check out Hoofy & Boo’s alwaysastute report: