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U.S. markets recover from steep losses
NEW YORK, Feb. 8 (UPI) -- CIT Group, a lender to thousands of small businesses and retail chains, said it hired former Merrill Lynch chief John Thain as its top executive.
Thain helped Merrill Lynch sell itself to Bank of America in the winter of 2008, a sale that has stirred considerable controversy over what Bank of America told its shareholders concerning Merrill Lynch losses before they voted to approve the deal.
Bank of America agreed to a $150 million fine last week that would settle legal issues in the case and complaints it struck a secret deal to pay Merrill Lynch employees bonus checks, despite the investment bank's enormous losses.
As the first firm to officially lose government bailout funds -- $2.3 billion lost through bankruptcy proceedings last year -- CIT did has not escaped controversy during the recession.
With Thain, "We think of him as an Olympic-class athlete with a lot of potential going forward. He's the best person to position us to become profitable again," said CIT lead director John Ryan.
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