Ex-Merrill Lynch Chief Thain Named as New CIT CEO

It's official. After numerous reports that he was a leading candidate, former Merrill Lynch CEO John Thain clinches the top job at struggling lender CIT. CIT ran into trouble a year ago as its investment in subprime mortgage paper and other derivatives damaged the value of its balance sheet so badly that it had to file for Chapter 11 bankruptcy. According toThe Wall Street Journal, Thain will make a $500,000 base salary and get $5.5 million in restricted stock.