As you’re aware, John Thain took over at the only firm that would have him (kidding, he’s the best), CIT Group, earlier last month. In his first order of business, Mr. T made sure to let everyone know he will not be redecorating his office like he did at Merrill, presumably before he saw just how hideous the place turned out to be. In his second order of business, he canceled all bonuses. The news was announced on an employee-wide call yesterday, and is said to have come as a bit of a shock, as people were expecting to get their numbers this week and their money on March 16 (though I suppose you could make the argument the former was delivered on schedule, it just happens to be zero). According to Thain, 2009 was “a difficult year for CIT, and though full year results have yet to be published, there is no question losses will be in the billions. As such, and given the sensitives in Washington and the world, it wouldn’t be right to give out bonuses as planned.”
But wait, it’s not all bad!
CIT Group
As you’re aware, John Thain has a substance abuse problem. The substances are fabulous chaise lounges, antique desks, and curtains that cost $1,000/yard. John’s brain is wired to think he needs these things and more to perform at the top level shareholders of the companies he’s run have grown accustomed to. Obviously this isn’t a healthy addiction JT’s struggling to overcome, and clearly he’s still in the early stages of recovery, as noted by what he told Bloomberg, on the news he’d accepted the job to run CIT Group, and the executive suit that comes with the gig.
“I think I’ll keep my office exactly the way it is,” he said.
This is something addicts say in their first go at rehabilitation, when they think they’re bigger than the drugs. They want to overcome their demons, sure, but they have no idea how truly brutal and demanding the road ahead will be. It’s not realistic to say you will categorically never use again because, statistically speaking, almost everyone has at least one or two relapses, especially when put it high risk environments rife with triggers. Such as, the hideous office of one’s predecessor, which I don’t think John actually got a look at before taking the job, and certainly not prior to speaking with Bloomberg.
On the mat, in the locker-room, whatever. The point is, talks are being had, the gigs are being considered, the onesie is dry-cleaned and ready. For this moment.
John Thain, who was Merrill Lynch & Co.’s chief executive officer before being ousted a year ago, has held talks to become the head of CIT Group Inc., the commercial lender that emerged from bankruptcy last month, according to people familiar with the matter
