Another sign that there is no such thing as accountability on Wall Street, John Thain takes over the reins as the CEO of CIT. This is the same Thain that led Merrill Lynch down the toilet as well as spent $1 Million remodeling his office after receiving government assistance to make the Bank of America deal happen.
This is the same Thain that paid out $3.6 Billion in bonuses just before the BofA deal happen – the typical “pay our bonus to hell with the shareholder/taxpayer” move.
Thain takes over CIT, which is on its last leg as it declared bankruptcy in 2009. CIT provides funding for small and medium sized companies.
While I expect Thain to become the next Bob Nardelli – a CEO who moves from job to job, makes sure he pulls out plenty of cash for his salary/bonus, and watches his companies go under – I do expect CIT will have some darn nice offices.