Thain to head CIT?
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Seriously? Sometimes I wonder wtf is wrong with our world. Now, I have no problem with John Thain, whatsoever. BUT, please tell me how it makes sense, that your claim to fame is overseeing the complete and utter destruction of the worlds most prolific retail brokerage and world class investment bank…that makes you qualified to somehow lead one of the most important lenders in the world out of the ashes?
The only possible reason I could see here, is that they figure, “Well WTH, he can’t f*ck the company up anymore than it already is!”
They just want his connections and clout. The COO will handle all the operations.
I think Thain is a douche, but in his defense he didn’t “cause” the downfall of Merrill, nor is there a whole lot that he could have done in his short tenure there.
If he’s guilty of anything, it’s being a d*** and demanding outlandish bonuses as his firm was on the brink of collapse.
Thain did a good job at the NASDAQ. O’Neil blew up Merrill. Thain (even though I don’t like him) saved Merrill and my clients when I was there by getting BAC to buy ML. Otherwise we were going to be Lehman Brothers in Nov 08.