John Thain, the ousted chief of Merrill Lynch & Co., was named to lead CIT Group Inc., the commercial lender that emerged from bankruptcy in December, after almost a four-month search for a replacement.
Derivatives blew up Merrill Lynch. Sub prime, code word for derivatives, blew up CIT too. CIT, however, was too big to hide by merger and CIT's function more critical than Merrill, so it received federal bailout money and protection. Now we need new leadership. Why not bring in the guy that blew up Merrill. Makes sense.
Source: bloomberg.com
0 comments:
Post a Comment