CIT Adds a Dash of FAIL with Merrill Lynch's Thain

Monday, February 08, 2010 , , , 4 Comments


pic credit: driftglass


The last time John Thain tried to "help", things got scary and ugly. Oh wait, they already were, my bad.

WSJ:

Former Merrill Lynch & Co. chief John Thain is joining embattled lender CIT Group Inc., bringing together two prominent casualties of the credit crisis.

Mr. Thain, who left Bank of America Corp. 13 months ago amid controversy over its takeover of Merrill, will be CIT's chairman and chief executive. CIT, a major lender to small businesses, nearly collapsed in 2009, several years after it expanded into subprime mortgages and student lending.


Thain doesn't have a very good resume at this point, it's a wonder guys like this can stay employed.

CIT is squealing, releasing this Sunday:

CIT Board of Directors Elects John A. Thain Chairman and Chief Executive Officer

NEW YORK, Feb 07, 2010 (BUSINESS WIRE) -- CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that its Board of Directors has elected John A. Thain Chairman and Chief Executive Officer effective immediately. The Board has tasked Thain (54) to continue CIT's transition to a more streamlined commercial lender focused on serving the small business and middle market sectors and optimizing the Company's business model.

Thain replaces Peter J. Tobin, who has been acting as interim Chief Executive Officer.

Tobin will remain a Director of CIT.

Vice Admiral John Ryan, Lead Director, speaking on behalf of the Board of Directors, said, "John is a well respected financial services executive and proven leader who is uniquely qualified to lead CIT at this critical stage. CIT and its customers will benefit enormously from his breadth of experience, industry acumen and deep knowledge of the financial services sector. We have the utmost confidence in John and are pleased to welcome him to CIT."

Speaking about his appointment, Thain commented, "I am pleased to have the opportunity to lead the newly reorganized CIT. The Company's numerous market-leading positions are evidence of the resiliency of the franchise and its unwavering commitment to its customers."



Everyone is "pleased", that's not exactly a squeal.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.

4 comments:

Anonymous said...

I'm sure it will all work out swimmingly!

Jeff

Harleydog said...

JDA,

Gotta love this country, keep recycling the same ol' same ol', from politicians, and execs to Fed members and NBA coaches, simply pathetic.

Is it any wonder why we are in the mess we find ourselves in? Great post, as usual !
HD

P.S. wasn't Thain part of the Sprockets gig on SNL?

Anonymous said...

Smug Bastard disclosure:

Once upon a time, CIT had its own consumer finance division and a much younger "your's truly" was hired in at his first financial services job!! Thus, the Smug Bastard was born! Where do the years go??? Within one month of my hire there, the division was sold to the old Manufacturer's Hanover Bank and we fondly remember it as "Manny Hanny" - sounds a lot like masturbation but we didn't mean it that way :>) Then "Manny Hanny" started going tits up over loans going bad - not our loans but the bank's loans made to Argentina. All of us doofus chuckle headed collectors used to sarcastically ponder if McGillicuddy (I think that was the bank prez's name waaaaaay back then) was going to have to make a collections field call to Buenos Aries. We were like, "don't forget your receipt book dickhead and make sure you only put the actual company mileage on your expense report". No padding the mileage because you want to go take in lunch at a strip joint. Ha - good times.

Anonymous said...

I got curious and googled it and lo and behold it WAS McGillicuddy - John McGillicuddy. Guess what? According to the internet, he died in 2009 - some kind of weird venereal disease he picked up in South America that had no known cure - ha - just kidding. He died of complications of prostate cancer.