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Thains Elegant Exit

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by Felix Salmon
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Sep 14 2008 10:39pm EDT

Thain's Elegant Exit

The difference between Dick Fuld and John Thain 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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