Former Merrill Lynch CEO John Thain, who brokered the investment bank's controversial sale to Bank of America, is taking over as chairman and CEO of CIT Group
The US is a big country without discernible shortage of CEOs. Yet, CIT has chosen Thain who clearly failed on the job at Merrill. It's probably because our CEO class is similar to royalty; the queen of England never fails and a CEO may be fired, asked to resign, but unless she/he become a felon she/he will always get another important CEO job. No wonder that we became serfs.
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