John Thain

Like the elderly couple that has money in the bank but nevertheless scrimps and saves every last scrap of food because they lived through the depression, flashbacks to John Thain skipping board meetings to powwow with decorators to select the finest drapes and trashcans money could buy keeps Greg Fleming in check. Read more »


[via @cgasparino, earlier]

Regrets? John Thain has one. “I wouldn’t have taken the Merrill job,” he said in an interview. “I think that’s probably the single biggest thing.” Mr. Thain’s comments are some of his sharpest yet about life as Merrill Lynch & Co.’s chairman and chief executive. He arrived at the securities firm’s headquarters in lower Manhattan in late 2007 as the financial crisis was brewing. Within a year, Merrill was forced into a shotgun marriage with Bank of America Corp. A few months later, Mr. Thain was out. “I regret having to sell Merrill Lynch to Bank of America,” he said. [WSJ]

And also return capital to investors. Read more »

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, rife with triggers, which was the hideous office of his predecessor at CIT, a place that had never met good taste. Today, however, we stand corrected. Read more »

  • 24 Sep 2012 at 5:11 PM

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. Read more »

The master of ceremonies made a mistake as he named John Thain one of the year’s finest dads, introducing him as the chief executive officer of Citigroup. “Vikram Pandit will be very unhappy,” Thain said, accepting an award from Father’s Day/Mother’s Day Council Inc. on June 14. “I’m actually the CEO of CIT, which is similar, but not quite the same.”…host Mark Shriver apologized for bungling his introduction of Thain, 57, a former Goldman Sachs president who has been CEO of CIT Group Inc. since February 2010. “I thought it was a misspelling,” said Shriver, senior vice president of nonprofit Save the Children. “It said CIT — I’m like, this has got to be Citi.” [Bloomberg, related]


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