Daily News: August 12, 2013

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.