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[Tuff-Stuff]

John Thain has been named chief executive of the CIT Group, the troubled middle- market financial company that emerged from bankruptcy in December under the control of its primary creditors.

For Mr Thain, 54, the appointment is an opportunity to rehabilitate his career after a one-year stint as chief executive of Merrill Lynch resulted in a last-minute sale of the 94-year-old company to Bank of America, followed by his own dismissal a short time later.