hmmm... maybe, maybe not ... but very interesting
link ~ Bank Nationalization ..Here we go ..Step by Step ..
link ~ Bank Nationalization ..Here we go ..Step by Step ..
~snip
Step 8: Line up a few key managers
On the positive side, this would be an excellent opportunity for a public-spirited CEO candidate to take on a daunting challenge. If successful, they would ensure themselves a place in history and, if desired, the ability to move on to another CEO position that would pay far better or perhaps into a political career or a cabinet position.
These positives ensure that there will be candidates with at least marginally acceptable qualifications. However, the vetting process will be an important one and doubtless a time-consuming one, if done carefully. The Administration would be wise to start designing a process now, in case it ever proves necessary.
The preceding discussion assumed that a new CEO would come out of the ranks of existing bank senior managers. This, or a successful recently retired manager, would be the best option because the position is not one for a rookie. There are doubtless many at the Fed and in other positions of public service who understand banks well, but it is one thing to be able to analyze a bank and another to have the experience to run one ...
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CIT Group, Inc. is a large American commercial and consumer finance company, founded in 1908. The company filed for Chapter 11 bankruptcy in 2009. The company is included in the Fortune 500 and is a leading participant in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. The company does business with more than 80% of the Fortune 1000, and lends to a million small and medium businesses.It was a part of the S&P 500 Index, was replaced by Red Hat at the close of trading July 24, 2009.
The company has its headquarters in New York City, and employs more than 7,300 people in locations throughout North America, Europe, Latin America, and Asia Pacific. The company's name is an abbreviation of an early corporate name, Commercial Investment Trust.
In 2008, CIT Group became a bank holding company in order to qualify for, and ultimately receive $2.3 billion in Troubled Asset Relief Program (TARP) funds. It declared Chapter 11 bankruptcy on 1 November 2009, and with the consent of its bondholders proposed to quickly emerge from bankruptcy court proceedings.
Step 8: Line up a few key managers
On the positive side, this would be an excellent opportunity for a public-spirited CEO candidate to take on a daunting challenge. If successful, they would ensure themselves a place in history and, if desired, the ability to move on to another CEO position that would pay far better or perhaps into a political career or a cabinet position.
These positives ensure that there will be candidates with at least marginally acceptable qualifications. However, the vetting process will be an important one and doubtless a time-consuming one, if done carefully. The Administration would be wise to start designing a process now, in case it ever proves necessary.
The preceding discussion assumed that a new CEO would come out of the ranks of existing bank senior managers. This, or a successful recently retired manager, would be the best option because the position is not one for a rookie. There are doubtless many at the Fed and in other positions of public service who understand banks well, but it is one thing to be able to analyze a bank and another to have the experience to run one ...
________________________________
CIT Group, Inc. is a large American commercial and consumer finance company, founded in 1908. The company filed for Chapter 11 bankruptcy in 2009. The company is included in the Fortune 500 and is a leading participant in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. The company does business with more than 80% of the Fortune 1000, and lends to a million small and medium businesses.It was a part of the S&P 500 Index, was replaced by Red Hat at the close of trading July 24, 2009.
The company has its headquarters in New York City, and employs more than 7,300 people in locations throughout North America, Europe, Latin America, and Asia Pacific. The company's name is an abbreviation of an early corporate name, Commercial Investment Trust.
In 2008, CIT Group became a bank holding company in order to qualify for, and ultimately receive $2.3 billion in Troubled Asset Relief Program (TARP) funds. It declared Chapter 11 bankruptcy on 1 November 2009, and with the consent of its bondholders proposed to quickly emerge from bankruptcy court proceedings.
Feb 07, 2010
CIT Group names former Merrill Lynch CEO John Thain to lead as chairman and CEO of lender
CIT Group said Sunday it has chosen former Merrill Lynch CEO John Thain to lead the company as chairman and CEO as the commercial lender continues to restructure its business following a brief stay in bankruptcy protection last year.
CIT Group Inc., one of the nation's largest lenders to small and mid-sized businesses, said Thain will take the helm immediately. He replaces acting interim CEO Peter J. Tobin, who will remain on CIT's board. Tobin had stepped in while CIT searched for a permanent replacement for Jeffrey Peek, who retired as chairman and CEO on Jan. 15.
Thain, 54, served as chairman and CEO of Merrill Lynch until its sale to Bank of America was completed in January 2009. He resigned under pressure from the combined company after reports he rushed out billions in bonuses to Merrill employees in his final days as CEO, while the brokerage was suffering huge losses and just before Bank of America took it over.
Prior to Merrill, Thain served as CEO of the New York Stock Exchange and president and chief operating officer of Goldman Sachs.
Thain's appointment brings stability to the top ranks of a company which has seen a series of management departures since it emerged Dec. 10 from a quick stay in bankruptcy court.
President and Chief Operating Officer Alexander T. Mason, 58, is leaving the company Feb. 26. Chief Financial Officer Joseph Leone has said he plans to retire in April. CIT Group also last month announced the resignation of two directors and the appointment of three outsiders as it completed a shift to a more independent board to guide its restructuring effort.
CIT Group was forced into bankruptcy after failing to raise cash to pay off outstanding debt. It also was hammered by mounting loan losses as more customers fell behind on repaying loans during the recession. The company moved through bankruptcy in just six weeks because its key bondholders had already approved a plan to reorganize the company.
"John is a well respected financial services executive and proven leader who is uniquely qualified to lead CIT at this critical stage," said CIT lead director John Ryan in a statement. "We have the utmost confidence in John and are pleased to welcome him to CIT."
Source: AP News
*** Links - Nationalize the Banks ... Plan Moving Forward ...
