John Thain, former co-president of Goldman Sachs (NYSE:GS) and CEO of The New York Stock Exchange and Merrill Lynch, who was virtually shamed into retirement after Merrill was bought by Bank of America (NYSE:BAC), may become head of CIT (NYSE:CIT). CIT nearly collapsed last year. It is the largest single private lender to small businesses in the United States.

Several media reports say that Thain could take the top job at CIT, which moved out of Chapter 11 recently and has struggled to become a viable lender again, almost immediately. The fact that CIT will turn to Thain is a sign it has not turned around at all. To make believers out of Wall St. and CIT clients, it has to do better.

Douglas A. McIntyre