"This market right now is moving on nothing more than emotions. Guess what? It almost always moves on emotions."
David Bach
INVESTMENT Magazine - THE ORIGINAL
CIT Names Ex-Merrill Chief John Thain to Run Lender

John Thain, the ousted chief of Merrill Lynch & Co., was named to lead CIT Group Inc., the commercial lender that emerged from bankruptcy in December, after almost a four-month search for a replacement. Thain, 54, becomes chairman and chief executive officer immediately, New York-based CIT said yesterday in a statement. The century-old lender had been led by Jeffrey Peek, another former Merrill Lynch executive, from July 2004 until Jan. 15, when Peek stepped down and board member Peter Tobin was named interim CEO.
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Gruebel Turnaround Means UBS May Trump Credit Suisse
UBS AG, the European bank with the biggest losses from the credit crisis, is poised for an earnings rebound that may help it catch up to Credit Suisse Group AG. Zurich-based UBS may report its first annual profit since 2006 this year after spinning off $38.7 billion in toxic assets into a central bank fund, cutting 18,500 jobs and appointing 11 new managers to the executive board, including a chief executive officer. The bank reports fourth-quarter 2009 earnings tomorrow.
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AIG Hires Hancock to Oversee Risk, Derivatives Unit
American International Group Inc. named Peter Hancock, described by a former employer as an “architect” of the derivatives business, to oversee finance and risk, including the insurer’s money-losing credit-default swap unit. Hancock spent 20 years at a predecessor to JPMorgan Chase & Co., where he established the derivatives group and served as chief financial officer, New York-based AIG said in a statement today. Hancock, who most recently was vice chairman at KeyCorp responsible for national banking, will report to AIG Chief Executive Officer Robert Benmosche.
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Cheung Kong Says H.K. Property Is Due for Correction
The Hong Kong property market has risen too fast and buyers must look out for a bubble, Cheung Kong (Holdings) Ltd.’s executive director Justin Chiu said. “The rise is a bit unusual,” Chiu said in a Bloomberg Television interview today. “There should be a correction at some point.” Low mortgage rates and buying by rich mainland Chinese drove a 29 percent gain in Hong Kong home prices last year. The city faces a “huge” potential risk of bubbles forming in its asset markets as low interest rates and high liquidity drive up prices, Norman Chan, chief executive of the Hong Kong Monetary Authority, said last week.
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SAP CEO Apotheker Unexpectedly Leaves; Co-CEOs Named
SAP AG Chief Executive Officer Leo Apotheker unexpectedly resigned, amid customer and employee discontent, and a failure to boost revenue at the world’s largest business-management software maker. SAP’s supervisory board decided not to extend Apotheker’s contract, which would have expired at the end of the year. His exit comes less than a year after he took over in May 2009 as the sole CEO of the Walldorf, Germany-based company.
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