John Thain Orders Tap Water To Display Modesty: Report

02/27/2009 05:12 am ET | Updated May 25, 2011

FORMER Merrill Lynch chiefs John Thain and Stan O'Neal are finally getting with the penny-pinching program, but once again, they're stiffing the little people along the way. Thain - who was booted last week from Merrill's new parent, Bank of America, for excesses that included spending $87,000 on an office rug - was having dinner at San Pietro last week with BlackRock Chairman Larry Fink. He loudly told the waiter, for all to hear, "under the circumstances with this tough economy, I think I'll have tap water."

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