Pay Restraint, Thain Redux and Rethinking Obama
Self restraint is always easier to apply than the stick, or even the carrot. Hence, Dimon and Blankfein taking less and putting more skin the game of what their organizations can do for shareholders. A wise move, as painful as it must have been (especially if Dimon has any real ambition to be Treasury head in Obama II, if not sooner). And now we learn that he giveth and taketh away too with the NYT reporting today at Mr. Dimon isn’t so happy about all the bank bashing going on in the house of O. This is all, of course, only so much posturing. We’re sure O and Dimon understand each other very well.
Thain has resurfaced and not surprisingly at the helm of a public company, which was always his ambition. He got a raw deal at Merrill, at the hands of someone now being sued under the Martin Act, and are glad to see him tackling the job of rebuilding CIT. We know the first thing he won’t do is splurge on redecorating his office.
