John Thain buying up CIT shares

Former Merrill Lynch CEO, engineering student, and $75,000 Persian rug connoisseur John Thain has been openly buying up shares in his new company. Unfortunately, Ken Lewis is not around to buy this one from him for an undefinable premium.

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The recent woes that have troubled the market haven’t got the head executive at CIT Group worried. He’s plunking down cash and buying up shares of the commercial lender.

On Tuesday, Chairman and Chief Executive John A. Thain bought 40,000 shares of CIT (ticker: CIT) for nearly $1.2 million, an average of $29.91 each. That same day CIT stock hit a 52-week intraday low.

This is his first open buy on record since the company declared bankruptcy, restructured and resumed trading in 2009. Following this transaction, he directly holds 319,575 shares of the lending company…