Forbes: CIT and John Thain's 'Stunning Turnaround'



In an article posted by Forbes, the writer noted that “Wall Street is a forgiving place” and rhetorically asks, how else would you explain the “stunning turnaround” of former Merrill Lynch CEO John Thain and the once bankrupt CIT group.

The author provided a time line within which CIT went from a $2 billion TARP recipient, filed for bankruptcy a few months later, emerged after a complete restructuring and hired John Thain to “clean up the mess” after an embarrassing exit from Bank of America.

Sterne Agee analyst Henry Coffey, Jr. is quoted in the article as saying, “CIT has done an amazing job” and added, “They outlined a plan after the bankruptcy and systematically delivered on it.”

To read the Forbes article click here.

Leave a comment

No tags available

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
terry.mulreany@monitordaily.com
Susie Angelucci
Advertising: 484.459.3016
susie.angelucci@monitordaily.com

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.
www.abfjournal.com