John Thain isn’t exactly a “people person,” said Dominic Rushe in the London Sunday Times. “Stiff, cerebral, and intimidating,” Thain, 52, was known to his colleagues at the NYSE, where he was CEO, as “I, Robot.” But Thain’s “record for turning around troubled institutions has made him the hottest property on Wall Street,” and last week, Merrill Lynch tapped him as its new CEO. “Thain’s appointment signals wider changes on Wall Street.” A Goldman Sachs alumnus with a background in operations and information technology, Thain “is a technician as much as a leader.” He took the top spot at the NYSE in 2003 after Richard Grasso’s “messy departure,” which was prompted by outrage over his $140 million pay package. Under Thain, the exchange became a public corporation and merged with Euronext, which runs several European stock exchanges. Brokers at Merrill are bracing for massive layoffs, noting that Thain showed his “ruthless streak” at both the NYSE and Goldman, where he engineered the ouster of former CEO Jon Corzine, now the governor of New Jersey.
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Issue of the week: Yahoo’s ban on working from homefeature There’s a “painful irony” in Yahoo’s decision to make all its employees come to the office to work.
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Issue of the week: Another big airline merger
feature The merger of American Airlines and US Airways will be the fourth between major U.S. airlines in five years.
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Issue of the week: Feds’ fraud suit against S&P
feature The Justice Department charged S&P with defrauding investors by issuing mortgage security ratings it knew to be misleading.
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Issue of the week: Why investors are worried about Apple
feature Some investors worry that the company lacks the “passion and innovation that made it so extraordinary for so long.”
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Issue of the week: Does Google play fair?
feature The Federal Trade Commission cleared Google of accusations that it skews search results to its favor.
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Issue of the week: The Fed targets unemployment
feature By making public its desire to lower unemployment, the Fed hopes to inspire investors “to behave in ways that help bring that about.”
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Issue of the week: Is Apple coming home?
feature Apple's CEO said the company would spend $100 million next year to produce a Mac model in the U.S.
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Issue of the week: Gunning for a hedge fund mogul
feature The feds are finally closing in on legendary hedge fund boss Steven Cohen.