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

John Thain's Redecoration Refund: Will Pay Back $1.2 Million To Bank Of America

Former Merrill Lynch CEO John Thain, who was ousted last week from Bank of America, defended the acquisition of Merrill by Bank Of America, saying it was the right thing to do.

Thain made the comments in a memo, which was obtained by CNBC.

In the memo, Thain also said he would play back Bank of America for the cost of an expensive renovation of his office.

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