Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Thain’s Tough Sell

Details

  • Description

    FBN’s Charlie Gasparino with news that John Thain is having issues trying to sell CIT.

  • Duration 3:46
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

At the time of the sale now he is trying to sell CIT.

Sort of denying natural gas Reno's first to report on -- African Charlie John -- Has choice words about your reporting we're going back and forth about this last night yeah -- -- and does not happy -- you well.

I mean he missed the headline the second the real headline is that he can't sell it and why can't you sell it because CIT.

Is a pretty risky operation.

He would want to sell to a US bank the banks are under regulation by the Fed.

He black -- of who wanna sell to systemically important bank one of the big banks who once -- he basically wants a run at some point.

They can't really buy it so he's kind of like left in the lurch on top of that CIT let's go to.

A little in the history then we'll give you some history about John -- CIT itself is very controversial.

-- went belly up tour was heading towards belly up during a financial crisis precede the 2.3 billion dollar and get out.

Bailout almost choking on the story bailout from the federal government then.

Filed bankruptcy.

And then screw the -- essentially stiff everybody did not pay back in that bankruptcy.

John Thain took over after that when he left Merrill Lynch and from what we understand -- bank is -- Thomas he's now trying to sell it he can't sell it.

And what he did yesterday to try to sort of I mean this and every banker on Wall Street knows this is that this is a game of cat and mouse if you tell everybody that you wanna sell something well they think you're desperate yes they each -- he tried to say -- this to pretty.

Compliant media outlet.

Particularly the reporter hit it specifically very compliant.

Bob and he basically -- it this is his go to person the sense of when every needs to spin stuff.

IBC's in this we're not for sale you know we're not that desperate and what I can tell you is this.

Wall Street investment bankers says say he.

Was set shop and it is shop and -- looking to sell at.

He's having a very difficult time doing it for all those reasons CI take -- on -- He's got some issues we should back up -- -- a little background on who this guy is John kept jumping as one of the more controversial people Wall Street.

Member of wartime Goldman Sachs guy.

Lead in was part of the coup that -- -- Jon Corzine.

You know teamed up he was a good -- the job -- as a kind of back sort of a little bit joined Hank Paulson.

I'm John Thornton triumvirate got rid of Jon Corzine was there at bad Goldman for many years then went to the New York Stock Exchange.

After Grasso what are the interest in things he did right after he went into New York Stock Exchange he took down.

Every single picture of -- at the New York Stock Exchange including one of the more -- -- the opening bell on September 17.

Member of Dick Grasso said they are ringing the opening bell after the 9/11 attacks a week later.

With the cops and firemen and the politicians John Thain took down that iconic photographs and gives you little indication what that guy is.

He -- wanted Merrill Lynch.

And again.

Very controversial known as a pretty good operational guy but did it's kind of I would say -- it's stupid stuff when Merrill obviously needed more capital during -- financial crisis.

It was obvious said that they -- -- they were they were looking to make deals to to get them more capital he would say that things aren't so bad things aren't so bad you know we don't he would basically dispel the notion.

We're trying to dispel the notion they need more capital and then they used to do that -- firm -- into bankruptcy.

Or near bankruptcy was what by Bank of America just from what you saw up there well guess what happened.

He went out and tried to pain suffered a ten million dollar bonus that was shot down but what heavily criticized by Sheila Bair in a book.

And then guess what he did after that -- both -- guess what comes after that disclosure that he.

Basically we -- his office with eight.

35000 dollar.

Twelve.

RR Kelly yes I don't yeah -- that.

It was a commode on wheels fake out.

Any non-GAAP one night shift that we don't call -- -- in my.

Load More