Stop Trading!: Thain Is Good for Merrill
John Thain is a no-nonsense guy who will make Merrill Lynch whole again, Cramer said during Stop Trading!. On Wednesday, Merrill named the NYSE Euronext CEO as a replacement for Stanely O'Neal.
The job was originally offered to BlackRock CEO Larry Fink, but apparently he said he would take the reins only if Merrill did a full accounting of its subprime exposure.
Still, Cramer was happy with Merrill's move. "It'll be a better Merrill under Thain," he said.
Taking over for Thain at NYSE Euronext is Chief Operating Officer Duncan Niederauer. Cramer called him a cost cutter who learned a lot from his departing boss.
"I think he's ready," Cramer said. "Duncan will do a great job."
Cramer reiterated his call that NYX was a great weak-dollar play because two-thirds of the exchanges income comes from Europe.
Jim's charitable trust owns NYX.
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