Meritocracy? Failed Merril Lynch CEO named CEO of financial giant CIT Group (school, leader)

[tablemtn]

So... is this a case of a meritocratic selection process where the best possible candidate was selected? Or does it point to a certain incestuous, self-rewarding quality among executives in the financial industry?

Merrill Lynch on Your Résumé? No Problem for Wall Street

A little more than a year after Merrill Lynch was officially swallowed by Bank of America, many of the executives of the once storied Wall Street firm — which used the animal that is synonymous with rising stock markets as its mascot — have landed in leadership positions around the financial world.

On Monday, John Thain, who was Merrill's chief executive when the firm sold to BofA, got the top job at troubled lender CIT.

Hmm... what does it say about the quality of America's financial leaders if the best-qualified candidate for this job had previously steered his firm off a financial cliff?

Are our business schools simply failing to turn out potential executives with the capabilities of someone like Mr. Thain?

[LibertyandJusticeforAll]

I didnt hire him... who cares. I guess if maybe you worked for CIT you might have some questions and if you do start looking for another job.

[sickofnyc]

Originally Posted by tablemtn

So... is this a case of a meritocratic selection process where the best possible candidate was selected? Or does it point to a certain incestuous, self-rewarding quality among executives in the financial industry?

Merrill Lynch on Your Résumé? No Problem for Wall Street



Hmm... what does it say about the quality of America's financial leaders if the best-qualified candidate for this job had previously steered his firm off a financial cliff?

Are our business schools simply failing to turn out potential executives with the capabilities of someone like Mr. Thain?

Probably a prerequisite. Thick as thieves aren't they? You can take that literally.

[Boompa]

Originally Posted by tablemtn

So... is this a case of a meritocratic selection process where the best possible candidate was selected? Or does it point to a certain incestuous, self-rewarding quality among executives in the financial industry?

Merrill Lynch on Your Résumé? No Problem for Wall Street



Hmm... what does it say about the quality of America's financial leaders if the best-qualified candidate for this job had previously steered his firm off a financial cliff?

Are our business schools simply failing to turn out potential executives with the capabilities of someone like Mr. Thain?

One more "Capitalist" Hero. I'm sure he earned his hhundreds of millions.
Even the stockholders at Merrill Lynch are suing this toad

[tablemtn]

I didnt hire him... who cares.

Well, if he can steer one firm into a government bailout, he could probably pull it off again.

But I'm curious about the folks who have claimed in the past that vague concepts like the "free market" would see to it that failures are punished and successes are rewarded.

This guy failed in an incredibly public and dramatic manner... but it doesn't seem to have damaged his career as a CEO.

Is "the market "wiser than all of us? Does it see some value in this guy that normal people are missing?