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John Thain Cancels Bonuses At CIT

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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."

So, you're getting nothing but dry those tears because there will be some not very attractive retention packages to speak of. They'll be paid out in June and next December and will include "50 percent of our overvalued stock that no one wants," according to one employee (the top 20 executives will get 100% of their retention bonus in said stock). Also, lest any of you think he's not deadly serious about this office shit, John Thain has apparently been using a folding card table as his desk.

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