CIT Group

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    John Thain, Finance Titan Who Introduced $35,000 Commodes To Wall Street, Will Retire In March

    What’s next? We have some theories.

    / Oct 21, 2015 at 4:58 PM
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    John Thain Now Free To Indulge His Interior-Design Yen Without Interference From The Fed

    And also return capital to investors.

    / May 30, 2013 at 5:55 PM
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    John Thain Kept His Promise To Never Redecorate An Office To The Tune Of $10 Million Again

    In February 2010, a year after he’d been fired from Bank of America Merrill Lynch for redecorating his office with $90,000 area rugs, $1,500 garbage cans, and $20,000 light fixtures, and just before he started his job as CEO of CIT Group, John Thain made a bold claim. “I think I’ll keep my office exactly the way it is,”  he told Bloomberg TV. At the time, we went on record saying that there was no way Thain would stick to this pledge, because like any other junkie with a substance abuse problem– in Thain’s case, fabulous furniture– he was at the stage of the recovery process when you have no idea how truly brutal and demanding the road ahead will be. You want to overcome the demons, and you’ll certainly try, but you’re naive enough to think that you’re bigger than the drugs and it’ll happen on the first attempt. We assumed that, like most fiends, he would relapse at least once or twice, especially considering the high risk environment he was about to go into, which was the hideous office of his predecessor at CIT, a place that had never met good taste. Today, however, we stand corrected.

    According to Fox Business News’ Senior Interior Decorator Charlie Gasparino, who first rose to fame with his report on Thain’s decorating spree at Merrill, JT has kept his word.

    “Sources tell the FOX Business Network that Thain’s new office is a low-key affair, far different than the $1.22 million renovated palace he had as CEO of Merrill Lynch that became the object of scorn during the financial crisis. ‘Lots of plastic and formica, and no expensive paintings or area rugs,’ is how one visitor described it to FOX Business. Gone are the $35,000 ‘commode on legs’ and $1400 ‘parchment waste can,’ according to one person with direct knowledge of the matter. ‘It looked like an insurance office…he seems to have learned his lesson,’ this person said.”

    He may have broken out in hives for the first three weeks, he may have wanted to rip the wallpaper down in a psychotic rage, he may have been serious when he came home after Day 1 and told his wife, “I may have to quit my job tomorrow,” but, god damn it, he stuck to his promise and for that we should reward him.


    / Sep 27, 2012 at 4:57 PM
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    John Thain Is Ready For His Next Challenge

    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.”

    Anyone want to give him a big boy bank (or something) to run?

    Read more:

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

    / Sep 24, 2012 at 5:11 PM
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    Area Man Can’t Believe There’s Something Called “CIT Group”

    The master of ceremonies made a mistake as he named John Thain one of the […]

    / Jun 25, 2012 at 11:37 AM
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    Caption Contest Friday: John Thain, Excited On The Inside, Accepts Father Of The Year Award

    [Mark_Shriver via BI] Earlier: John Thain Awarded The One Bonus That Can *Never* Be Clawed […]

    / Jun 15, 2012 at 2:11 PM
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    John Thain Awarded The One Bonus That Can *Never* Be Clawed Back

    When people think of John Alexander Thain, as people surely often do, lots of thinks come to mind. High school wrestling. Competitive bee-keeping. Masterful stewardship of Wall Street firms. $68,179 19th Century Credenzas. $35,000 commodes. $28,091 curtains. $87,784 area rugs. $1,405 garbage cans. A keen eye for interior design and fabulous taste in general. Though we knew the current CIT Group chief executive officer was a father, we probably wouldn’t have included his parenting skills on a list his noted attributes and accomplishments, only because he has too many to mention. Apparently this represents a gross oversight because John Thain? Is a phenomenal dad. Award-winning, in fact.

    he National Father’s Day Committee, an entity of the Father’s Day/Mother’s Day Council, each year confers Father of the Year Honors on contemporary lifestyle leaders of our culture whose lives are dedicated to family, citizenship, charity, civility, responsibility and reverence. The funds raised by our Annual Father of the Year Awards Presentation are directed to the support of worthwhile concerns affecting men, fathers, and families. The objective of our program is to enhance the meaning of Father’s Day and encourage universal observance. 2012 Honorees include: Oscar Feldenkreis, Reynold Levy, Shaquille O’Neal, and John Thain.

    An award of this magnitude of course deserves a little more than a press release, so naturally, there will be a luncheon and presentation on June 14. Until then, the group is accepting nominations to add to the list, so if you think any of your favorite dads have been overlooked, do speak up today. Ken Lewis could use this.

    Father Of The Year Awards [M&D via BI]

    / Apr 27, 2012 at 12:42 PM
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    John Thain Cancels Bonuses At CIT

    As you’re aware, John Thain took over at the only firm that would have him […]

    / Mar 2, 2010 at 10:45 AM
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    John Thain Makes Bold Promise He Most Likely Can’t Keep

    As you’re aware, John Thain has a substance abuse problem. The substances are fabulous chaise […]

    / Feb 9, 2010 at 11:47 AM
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    John Thain: BACK IN THE GAME

    On the mat, in the locker-room, whatever. The point is, talks are being had, the […]

    / Jan 12, 2010 at 4:42 PM
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    CIT Bankruptcy Shows Who’s Boss

    Score this one as a loss for the TARP Program: CIT Group, the ancient commercial […]

    / Nov 2, 2009 at 7:02 AM