Stanley O'Neal

Comebacks on Wall Street aren't easy, particularly after you get caught spending gobs of shareholder money to redecorate your office with expensive rugs and something called a "commode on legs," but former Merrill Lynch chief executive John Thain is attempting just that, the FOX Business Network has learned.Thain, currently the CEO of a small lending outfit called CIT Group (NYSE:CIT), has been quietly shopping the firm to a larger player with the goal of selling possibly to a big bank and emerging as a candidate to run the bigger company, according to investment bankers with direct knowledge of the matter.Bankers say Thain began putting out feelers to sell CIT after the firm failed in its bid to purchase ING Direct earlier in the year."They've been shopping themselves off and on because they have virtually no deposit base and thus no low-cost source of funds to run their business," said one banker at a major firm with knowledge of CIT's activities. "Thain may also be putting out feele...

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