Tarnished Wall Street Exec Thain May Lead CIT

John Thain, the former CEO of Merrill Lynch and NYSE Euronext (NYX) is the top candidate for the CEO job at CIT. CIT recently emerged from Chapter 11, but it still faces problems raising the capital required to make the thousands of loans to small and medium-sized business that are its major activity. CIT has formed a bank that it hopes will take in enough deposits to underwrite the balance of its traditional operations. But many of its former clients are likely to be gun-shy about doing business with a company which has had such deep financial problems.