TheArmoryShow2014John Thain, Chairman of CIT, was observed at The Armory Art Show.

Mr. Thain was the CEO of the New York Stock Exchange (2004-07) and then CEO of Merrill Lynch in 2008. Merrill lost $15 billion in the 4th Quarter of ’08 but managed to be acquired by Bank of America, after a $138 billion infusion from the government. Thain was called out for having spent $1.2 million for his office furniture that year — $35,000 for a gold-plated toilet.