John Thain: Wall Street Gets It On Compensation


He knows this because the banks have said they're going to be giving out more in stock, less in green when it comes to bonuses, which shows that they're not tone deaf to anger. They get it, they get it so much it hurts. Especially one firm in particular, which pretty much came up with the idea little-to-no cash idea. And while we're on the subject of Goldman? Thain loved his time there, and if he may, let everyone know that it's a "great place to work," obviously. One a, I don't know, former alum with time on his hands wouldn't thumb his nose at getting an offer from, if the price, and the lax policy on interior decorating was right. Just an FYI. Lloyd.

Thain Weighs In On Financial Reform


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]