• 24 Sep 2012 at 5:11 PM

John Thain Is Ready For His Next Challenge

By

After he was unceremoniously fired from his post at the newly formed Bank of America Merrill Lynch, for reasons that included paying out big bonuses to ML executives and decorating his office with $1,500 garbage cans, John Thain understood that he would have to recede from the limelight for a bit. Take a job at a smaller firm and keep his head down for a while. Spend more time with his honeybees. Get back to his fighting weight. Drink a raw egg for breakfast every day. Run up and down the stairs of the Met. Work in a hideously decorated space, no matter how much it hurt.  Win some awards. Get his confidence back. Let people miss him. Well, Thain did all that. And now? He’s ready for you to make him an offer.

Thain, currently the CEO of a small lending outfit called CIT Group, has been quietly shopping the firm to a larger player with the goal of selling possibly to a big bank and emerging as a candidate to run the bigger company, according to investment bankers with direct knowledge of the matter. Bankers say Thain began putting out feelers to sell CIT after the firm failed in its bid to purchase ING Direct earlier in the year. “They’ve been shopping themselves off and on because they have virtually no deposit base and thus no low-cost source of funds to run their business,” said one banker at a major firm with knowledge of CIT’s activities. “Thain may also be putting out feelers, trying to get a drumbeat going. Who knows, but it’s certain he’s up to something.”

Who wants to give him a big boy bank (or something) to run?

Looking For A Comeback, John Thain Shops CIT [FBN]

Comments (66)

  1. 1
    Posted by agreatdaytothink | September 24, 2012 at 5:17 PM

    Pass.

    Board of Directors
    Mulholland Bros.

  2. 2
    Posted by Mexi_Cant | September 24, 2012 at 5:17 PM

    Wait your turn

    -K.Lewis

  3. 3
    Posted by Lowly Assistant | September 24, 2012 at 5:43 PM

    Oh, fuck off.

    -Stan O'Neil

  4. 4
    Posted by UFO | September 24, 2012 at 5:51 PM

    Prepare to be vikulated

    - CitiBorg

  5. 5
    Posted by Abe_Froman_ | September 24, 2012 at 5:55 PM

    Fuck BAML, that can was a steal at $1,405
    -JT

  6. 6
    Posted by Guest | September 24, 2012 at 6:23 PM

    CALL US BRO MAN DUDE

    JCORZY & D.FULDMAN

  7. 7
    Posted by Boo | September 24, 2012 at 6:57 PM

    My garden could use some weeding. Is he available now?

  8. 8
    Posted by guest | September 24, 2012 at 7:14 PM

    he also did some skiing during his time off. oh wait, no, that was during his time on.

  9. 9
    Posted by UBS M&A | September 24, 2012 at 7:17 PM

    I see synergys with CIT I

  10. 10
    Posted by Thain of Cawdor | September 24, 2012 at 7:18 PM

    too tainted

  11. 11
    Posted by lance mannion | September 24, 2012 at 7:49 PM

    this fucking guy…

  12. 12
    Posted by Billbelchwick | September 24, 2012 at 8:02 PM

    Clark Kent look a like

  13. 13
    Posted by zzPotz | September 24, 2012 at 8:03 PM

    Afghanistan

  14. 14
    Posted by Kelly | September 24, 2012 at 8:04 PM

    Intern for Al Sharpton on MSNBC

  15. 15
    Posted by Guest | September 24, 2012 at 8:16 PM

    Back to building replicants?

    -Blade Runner

  16. 16
    Posted by guest | September 24, 2012 at 9:07 PM

    Just a ploy so he can get back to his true calling as an interior decorator.

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  56. 56
    Posted by guest | September 25, 2012 at 9:20 AM

    Now who would not want to hire this guy to run their company
    1) Take a crappy company
    2) Try to make it profitable by gambling but abjectly failing
    3) Find someone stupid (preferably from south) to buy crap at exorbitant price
    4) PROFIT

    -a guy who will buy shares of any company Thain runs

  57. 57
    Posted by Steve Case | September 25, 2012 at 10:24 AM

    I absolutely agree.

  58. 58
    Posted by _guest | September 25, 2012 at 12:38 PM

    "What's up? This is John Thain. I've got a deal for you…you buy this company I'm CEO of and then place me in line to be the next CEO of your company. It's an obvious win-win for me. Interested? Call me."

    Cold call message left on every bank CEO's voicemail yesterday morning by J. Thain

  59. 59
    Posted by florida | September 25, 2012 at 1:07 PM

    Didn't work out so well for me

    Bill, Progress Energy

  60. 60
    Posted by lesbian chimpanzee | September 25, 2012 at 1:29 PM

    CEO of Bonobos?

  61. 61
    Posted by Rocky Dennis | September 25, 2012 at 3:45 PM

    Thain and Gundlach side by side? Someone whacked DB with the ugly stick…

  62. 62
    Posted by leeminbrahs | September 25, 2012 at 4:22 PM

    Get back to his fighting weight. Drink a raw egg for breakfast every day. Run up and down the stairs of the Met.

    You forgot to mention: Start to punch meat and fall in love with a girl who works at Petco.

  63. 63
    Posted by Kirby | September 25, 2012 at 4:22 PM

    Have you considered the exciting career of door-to-door vacuum sales?

  64. 64
    Posted by 2008 | September 25, 2012 at 5:08 PM

    CIT needs to merge with Bonobos in order to survive…

  65. 65
    Posted by cbn grinding wheels | September 30, 2012 at 3:43 AM

    How is it that just anyone can write a weblog and get as popular as this? Its not like youve said anything incredibly impressive more like youve painted a quite picture above an issue that you know nothing about! I dont want to sound mean, here. But do you actually think that you can get away with adding some quite pictures and not seriously say something?

  66. 66
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