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Thain's Elegant Exit

by: Felix Salmon September 14, 2008 | about stocks: LEH / MER

Felix Salmon

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The difference between Dick Fuld (LEH) and John Thain (MER) is that Thain knows when to let go:

It could not be determined if Mr. Thain will play a role in the new company, but two people briefed on the negotiations said they did not expect him to stay.

Fuld was always very proud of the fact that if you pricked him, he would bleed green -- but that turned out to be his, and his firm's, undoing. Thain has kept Merrill alive by keeping his ego in check and being willing to go quietly. Don't expect him to remain unemployed for long: Someone that sensible is hugely valuable in the overheated world of Wall Street egos.

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LEH, MER

This article has 5 comments:

Sep 14 11:38 PM
Dick Fuld's arrorgance ran LEH straight into the toilet. Fuld should be classified as one of thee worst CEO's in history!
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Sep 15 12:34 AM
The difference between Mr. Thain and the other people running Wall Street is Mr. Thain is an engineer. Introduction to Engineering 101 bangs students in the head and forces them to start thinking logically. It is not an easy course, most engineering students wash out without a degree due to the academic rigor. Unfortunately they then turn to business where the mathematics is linear(advanced arithmetic)and logical thinking is not required.
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Sep 15 12:58 AM
I'd love to know how Thain got a premium for MER stock when it was set to get slaughtered come Monday...
Reply | Link to Comment
Sep 15 11:35 AM
AMEN! Should have been buying MER instead of LEH...

D'oh!
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Sep 15 12:47 PM
true story thain showed good sense,,i wonder what the Koreans offered fuld?
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Seeking Alpha

Thain's Elegant Exit

Felix Salmon

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