The announcement that John Thain is taking over as CEO of CIT means one thing for certain: he has an office that will need decorating. In the past, the former CEO of Merrill Lynch has been something of a one-man stimulus package for interior decorators and antique dealers. Since the forced sale of that once-fabled institution and Mr. Thain’s resulting hibernation, the $35,000 commode-on-legs business has been a little sluggish. Now it will really have legs.
Failure is never long ostracized on Wall Street. It just gets to have its office remodeled.