From the "WOW - That didn't take long" department: "Former Merrill Lynch CEO John Thain is taking over as chairman and CEO of CIT Group as the commercial lender continues to restructure its business following a brief stay in bankruptcy protection last year.

As chairman and CEO of Merrill Lynch, Thain came under fire for having paid out $3.6 billion in bonuses to Merrill employees just before a BOA deal closed, and for spending more than $1 million to redecorate his office at Merrill, despite its massive losses.

CIT Group Inc., one of the nation's largest lenders to small and mid-sized businesses, said Thain will take the helm immediately. The 54-year-old replaces acting interim CEO Peter J. Tobin, who will remain on CIT's board. Tobin had stepped in while CIT searched for a permanent replacement for Jeffrey Peek, who retired as chairman and CEO on Jan. 15. President and Chief Operating Officer Alexander T. Mason, 58, is leaving the company Feb. 26. Chief Financial Officer Joseph Leone has said he plans to retire in April."

Looks like the rats are jumping ship and one huge rat is coming aboard.

How do they do it? Would love your comments . . .