FBN’s Gasparino: CIT CEO Thain “Is Now Shopping” the Firm

FOX Business Network (FBN) Senior Correspondent Charlie Gasparino reports that CIT Chairman and CEO John Thain is “now shopping” the firm and “looking to be acquired by a bigger bank.” Gasparino goes on to report that “Thain is looking to run a bigger firm than CIT” and this move “would put him in the catbird seat.”

Thain was formerly CEO of Merrill Lynch before it merged with the Bank of America in 2009. He was reportedly forced to resign by Ken Lewis, CEO of Bank of America, after several high profile controversies involving substantial Merrill lynch losses that were underreported, enormous executive bonuses during a time of financial belt-tightening, and some lavish personal expenditures on the company’s dime (including an $87,000 rug for his office).

Gasparino reports:

“Thain has been itching to grow the business. Having a problem growing it. Sources close to the matter are telling the FOX Business Network that Thain is now shopping CIT. Looking to be acquired by a bigger bank…Thain is looking to run a bigger firm than CIT and that would put him in the catbird seat. You know he’s a very experienced CEO…and it would put him in the position to be what he’d want to be. A CEO of a major bank.”

Here is the exclusive video:

http://video.foxbusiness.com/v/1858874236001

Category: National