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From The Atlantic Wire
Business writers are happy John Thain’s second act is a step down. The CEO who engineered a fire sale of Merrill Lynch to Bank of America and earned fame as the financial Nero who bought a $35,000 toilet while Wall Street burned has returned to life as the executive of CIT–a smaller, less-prestigious, more troubled firm. CIT is a lender to small businesses that went bankrupt in November, knocking out a $2.3 billion government investment. Thain is a wide-cheekboned Goldman alum who oversaw Merrill Lynch’s hemorrhaging final days. Do they hold the key to one another’s resurrection?
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