Will Thain's CIT Gamble Pay Off?

He may be taking a massive pay cut from a $43 million salary to $5.5 million, but taking over as the head of CIT Group might be John Thain's smartest move yet, writes The Wall Street Journal's editorial page. The smaller salary may be good public relations for Thain, who took heat for his exorbitant request for a $10 million minimum bonus and a $1.2 million office redecoration budget. Thain also stands to gain political clout if he manages to turn things around for the struggling small-business lender, according to the Journal, as he would then be able to help politicians follow up on the perennial campaign promise to increase small-business lending. The downsized CEO still needs to keep an eye on his public image though, and the Journal writes, "If he's really savvy, Thain will refurbish his new office with Ikea furniture."