NEW YORK (AP) — John Thain is getting a second chance.
CIT Group Inc. tapped the former Merrill Lynch CEO to become its chairman and chief executive.
Thain brokered Merrill’s sale to Bank of America as the credit crisis peaked in the fall of 2008, but was then pushed out the door after the deal closed as controversy swirled around bonus payments and mounting losses at the investment bank.
Man, exactly what do you have to do to become unhirable in this country? Eat Christian babies on CNN?
John Thain is the dope who was buying himself an $87,000 area rug as his company was going bust. He became a symbol for brainless greed on Wall Street just in time to complete a tortured sale of Merrill to Bank of America in which billions in losses were somehow kept hidden from BofA shareholders.
Now he gets another big job, just like every other high-end Wall Street buffoon who wrecks a company in this era. My favorite of course is John Meriwether, the “genius” investor who dreamed up the imploded hedge fund Long Term Capital Management in the late nineties. Meriwether immediately was given another $250 million to play with after LTCM blew up and is now working on his third such venture, a company called JM advisors, which uses LTCM-like investment techniques. Who’s giving guys like this money?