Merrill's New CEO Hopes To "Make Things Better"

CNBC:

John Thain told CNBC that he sees his new job as CEO of Merrill Lynch as "an opportunity to make things better" after the largest U.S. brokerage firm suffered huge subprime-related losses that led to the resignation of former CEO Stanley O'Neal.

In an exclusive interview, Thain was upbeat about Merrill's prospects despite the recent losses, saying "the vast majority of Merrill's businesses are doing great, so the problems are really concentrated in a relatively narrow area, which is part of fixed income."

O'Neal resigned in late October after Merrill posted an $8.4 billion write-down for the third quarter. The write-down resulted in a $2.3 billion loss, the largest quarterly loss in the company's 93-year history.

Read the whole story: CNBC

Comments

[letsgetsmart]

I wonder why creatures from this planet are attracted by shiny things. If you put a shiny can on a stick in antelope country, you won't have to hunt them, they will come to you. Why does wearing a shiny rock make you more desirable or more loved? We will all die at some time so what is this crazed goal of getting all of the shiny rocks for security mean? Most people who have a lot of shiny rocks are assholes so why would you want to be like them or hang out with them?

[BeamMeUpScotty]

Is Thain's idea of improving Merrill Lynch agreeing to a one billion dollar golden parachute instead of two?

[MilwaukeeDan]

"Hoping and praying" isn't going to get it done. What does this guy bring to the table? How much is he getting paid? Any golden parachutes involved? Inquiring minds want to know.

[mrcontinental]

John Thain told CNBC that he sees his new job as CEO of Merrill Lynch as "an opportunity to get paid no matter how bad I screw up"

[jellydonot]

Take a look at this interesting poll about John Thain's new position:
http://www.pollsb.com/polls/view/3790/will-john-thain-revive-merrill-lynch

[totalliberal]

How about stating the friggin obvious you loon.

No wonder these assholes are losing billions. Another retarded product of our nepotistic society put in charge of billions.

That's OK though, the shrub will bail them out with our money.

[smokeystover39]

I think he's from the planet "putz" if HE thinks he is going to turn around the greed culture at Merrill Lynch? BULLSHIT! Merrill, Lynch, Pierce, Fenner and Smith WAS a wonderful firm in the 60's thru the 80's. Quality advice available to EVERY client regardless of account size. A broker would take the time to sit with you and the S&P sheet (for your stock) and explain aspects which one should consider BEFORE purchasing the stock of interest. Hell, they even published a quality paperback book - several hundred pages of investment information for the newbies. The paperback was free for the asking. The result? Little guys added to their portfolios year in and year out by dollar averaging. THEY made Merrill,L P, F, & S into a big time player, but alas the jerks like O'Neal and his predecessor kicked worker bee brokers out the door and jettisoned the small investors.

The only way ML is going to get "turned around" is to get humble and return to the safe harbor which only zillions of small investors can provide. NOT LIKELY. Sit in the bleachers and watch the ML's of the world move ever closer to the ash heap of history one write off after another.

[truthyguy]

That is one weird looking dude. He must be really smart.

[godlessclif]

Thain? Is he from this planet?