Goldman, Goldman Everywhere

I happen to think as highly of Thain as I do of Goldman, but let's get hold of our emotions nonetheless. Profiles of Thain that give him too much credit or focus on trite issues (He plays no golf! How significant!) raise expectations, and that does no one good ... from investors to, ultimately, even Thain himself, who was only named chief executive this week and has his work cut out for him in righting Merrill's supremely significant subprime troubles.

But never you mind that Thain was only just named. The Financial Times went with the headline Thain gets into swing of running Merrill -- already -- which ends with a kicker about how Thain does not play golf!

How telling. Though how?

Much of the reason that new CEOs are written into instant paper heroes is that the story line -- as in this case -- revolves around comparing him to the guy who just failed. And how can anyone who hasn't done anything not look like a genius compared to an abysmal, completely discredited failure like Stan O'Neal. Wrote The Financial Times in its big windup toward the end:

Mr. O'Neal may not have been a backslapper. But at least he played golf, a great Merrill tradition and spent a lot of time schmoozing with clients and executives on the golf course. Mr. Thain, unfortunately does not play golf.

I'm not even sure how to take this. The article then ends on a Thain quote saying he can't play, that he never learned. So his lack of golf playing here, like elsewhere, seems to be part of writing him into a man of substance and an agent of needed change.