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Match Made In Incompetence Heaven: John Thain Is CIT's New CEO And Chairman
CIT's gorgeous, bouncer-worthy, and recently bankrupt, 5th Avenue lobby is about to receive some golden commodes and even more taxpayer reverse golden showers if and when the government is forced to bail out John Thain for the nth time. In the meantime Thain will receive $500k and $5.5 million in stock as he prepares to destroy yet another recently bankrupt company. Read all about the latest massacre of change you can drown your sorrows in from Bloomberg. We refuse to touch this filth.
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this proves you dont need a brain to be successful.
"To succeed in the world it is not enough to be stupid, you must also be well-mannered."
-Voltaire
After reading Too Big To Fail, I'm pretty sure Thain meets the first criteria. But it sounds like he is also an ass. So the quote might not fit perfect, but I still like it.
I just finished Too Big To Fail last week. What did you think of it?
I liked it. A bit too friendly to the banksters, but still good.
Agreed. I also wondered what he didn't tell us. But I think you summed it up quite well.
Recycle a faithful (and incredibly profitable) soldier for the international banking cartel syndicate. Take a bullet and reputational smear, you're a made man. Welcome to the brotherhood.
Your earthly term in time will be sated with power, dominion, exorbitant wealth, stature.
Of course when those billions of body cells cease their mortal activity, the core goes to your creator.
His judgement is of an entirely different complexion. Where your handlers saw merit, He sees corruption, intrigue, and blackest evil.
Enjoy your short span until your are returned to his dominion of absolute power.
The present is just a cold blue rock revolving about a minor star with a four score annual trip for the ride. Then comes curse/reward built upon the complete all-seen endeavours.
But go ahead and act the titan of industry. From your domineering and commanding heights, there is no fear, and none can touch you....for a space of time at least.
I have to say I hate the guy, but I just don't think he's an idiot, actually he's the genius out of all this crap, he's the one that unloaded merrill on BofA at a premium when BofA went in to buy Lehman. He then f'd up the whole redecoration situation. So maybe he IS an idiot after all.
One wonders how long it will be until Chuck Prince become CEO of GMAC?
And Angelo Mozilo Chairman of the Fed.
Suge Knight/NBC Universal
These douche bags must all be connected like the plant life in the movie Avatar.
+1000
Zing!
Awesome. We need some kind of taxonomy/"tree of life" chart of douchebags so we can keep them all straight.
Consider John Thain and Tim Geithner. Many would agree they are both bags of douche. But they are not exactly the same. Cousins, perhaps? Maybe more distant relatives. They all stem from an original ancestor (maybe John Law?), as all primates supposedly come from weird little lemurs a gazillion years ago. Maybe mitochondrial DNA would help.
This proves they’ve got no one else they can trust with the books, that won’t tell what they see when they look at them. It’s got to be a Goldman connection.
too bad im not jewish
So Toyoda Aiko makes public apologies and humbles himself before the world. His future is probably tenuous. Meanwhile, Thain gives everyone the finger and resurfaces a year later in another position of trust. There is something seriously wrong with our values.
+100
+101
Awesome. So now another ex Goldman boy is in power. I wonder how much Goldman has to benefit from having an inside guy. Thain has no experience in commercial finance and will only be in power long enough to make sure all his buddies get paid and Obama's wishes are granted. There were about 200 people better qualified to run CIT and they picked this loser. Beyond fucked up if you ask me.
His job is to get another $100B in loan guarantees from Timmy and Ben. This is a giant circle jerk
The 64 Trillion dollar question is: But who is going to be the bukkake queen?
we are. Only little people pay
Goldman has all the bases covered. It’s obvious Geithner is in the US Treasury, the G-7 and the G-20, Greece and world affairs to take care of Goldman. Bernanke’s in the Fed to take care of Goldman. Ex-Goldmanite Dudley is in the NYFed to take care of Goldman. Ad nauseam.
And did anyone say this is a reward for Thain? Leaving a cushy job at Goldman--as head of the mortgage desk from 1985 to 1990 and president and co-chief operating officer from 1999 to 2004 and then moving on as Goldman’s CEO of the New York Stock Exchange form January 2004 to December 2007--and then to go to the sinking Merrrill Lynch as a good soldier, when he reportedly was a front runner then to head Citigroup.
This is a good example for the young Goldmans coming up.
just like coaching in the NFL
I'm sure Bob Nardelli was a runner-up. He's busy trying to find the next iconic American corporation he can derail into the pits of hell... and walk away with a golden parachute.
omg. like wow. really. (why am I shocked?)
Thain is good at looting. It's called talent. Don't be hatin'.
no GD way.
GS way...
why did i get 2 degrees?
He beat out Dick Fuld in the 2nd interview
He is the Rich Kotite of Wall Street
I met him once and said , "Hey Rich Kotite. Former coach of the Jets. How are you."
His response (Gruffily), " And the Eagles."
Instant thoughts. Wow this guy is lord of doosh bags. He should be pretending he is Aristotle Onassis' long lost brother as opposed to reminding people of additional time in the NFL such as your 17 career reception in 5 years.
It really is Groundhog Day.
The USA is making fun of itself with this latest abomination.
In the 1970's we had The Peter Principle, where everyone eventually rises to their own level of incompetence. Now we have the Thain Principle, aka Moral Hazard Personified, where the greater the failure the richer the reward.
so what does that say of what CIT really thinks his 170 million in shares will be worth in a year, two years time. SHORT!
He must have something on somebody.
Sometimes I find the sarcasm in ZH's posts over the top. I enjoyed this one. I mean, it may not even *be* sarcastic.
bloomberg typo, they have changed it to $5.5 million shares.
still...thain, really...maybe dick fuld should be the next fannie mae head.
The numbers in the article are wrong. I still agree with all of the thain observations, however, he will be receiving $5.5 million in stock not 5.5 million shares.
The system is broken and we will do everything we can short of changing the people who were supposed to be in charge. There once was a time when honorable people took responsibility for what happened under their watch. Captains would go down with their ships, generals would commit suicide if their army was defeated, politicians would resign and devote themselves to noble causes. If Thain had been banging ladyboys, he would have been publicly pilloried and cast out from society. As it was, he was in charge when ML almost collapsed, (though the boys get nice bonuses out just before the world realized the true size of the losses.)
But as it is, maybe they are more concerned about what he might say if he knew he was out of the game, so they have decided to keep him inside the tent. The stratification of American society, in which only certain people can be put in these positions, means that the arrogance and hubris that caused these problems, will cause them again.
When the Roman Empire started to decline, one of the reasons was the system allowed promotion of people on the grounds of relation or association. This meant people were no longer measured by their talents and the great leaders from humble origins became a thing of the past....
how about reading the press release. it's 5.5mm worth of shares not 5.5mm shares.
he saved ML shareholders. did a great job at NYSE.
poorly written piece.
And helping, I’m sure, Bernanke and Paulson set Ken Lewis up as the fall guy for all their investment crimes. Perhaps as a token of their appreciation they could let Lewis have the $35,000 “commode on legs”… to remember them by.
I wonder how this crook is doing at CIT. How long before he completely destroys it?
Not that it matters, success isn't important for the business, only for him personally by getting even richer for his imcompetence.
PATHETIC!