My last blog made quite a stir I see. My firm loves me and again shipped me off half way around the world. I needed to blog because we were all laughing on our flight back that John Thain landed the CEO role at CIT.

Now, you should not be surprised by this one bit. CIT is a crap company that has almost failed 9 times and John Thain is a turd. Once known as “Mr. Fix it” type of CEO his fall from grace on Wall Street has been widely covered by the media. Thain taking over CIT should be an embarrassment for him and most people I know are laughing. John Thain has what most smidiots on Wall Street like to call a pedigree worth noting. Pedigree is where you went to school, and where you have worked. Wall Street smidiots are so blinded by what they have done.

John Thain went to ivy league schools and launched his career at Goldman. He worked his way up to second in charge. His boss at the time? None other than Hank Paulson himself. Thain was passed over for the CEO role and went to the NYSE and then onto Merrill Lynch. CIT is not a “street” firm, much like how BofA is disliked by Wall Street since they are down in NC. It is stupid really, but this is how idiotic Wall Street is.

If Thain’s past can tell you anything about his future, he may very well fix CIT somehow. This does not change that he is a pure and pure smidiot. This is the guy that spent millions redecorating his office after BofA and Merrill took taxpayer money. Thain is also the guy who brokered bonuses for his top executives when they sold to BofA. How can you in good faith take a bonus for a sale of a company that was three days from failing? Yes, Merrill would not have made it more than a week after Lehman failed.

John Thain is the CEO who pushed BofA for bonuses while they posted a 15 billion loss in 4Q2008. Starting to see a pattern here? I am glad that I do not own CIT stock and I bet Cramer will tell you to buy it again. This time though, John Thain will be the catalyst for Cramer to say it goes higher. In reality, John Thain is a smidiot and should have never been allowed to run a public company ever again.