Merrill Lynch CEO John Thain spent $1.22 million last year renovating his predecessor’s office, this despite massive losses suffered by Merrill requiring $100s of billions in government assistance.

Here’s his defense:

Pete: I’m surprised you’re renovating, this is such a nice office,
Jack: It’s a great office, but sometimes you have to change things that are perfectly good just to make them your own.

Wait, sorry. That’s a scene from the pilot episode of 30 Rock.

Here’s John Thain:

(My predecessor’s) office was very different than the general decor of Merrill’s offices. It really would have been very difficult for me to use it in the form that it was in.

Amazing.