Goldman, Goldman Everywhere

Stock quotes in this article: GS , MER  

What could be worse here is that this is the one item leveled as actual, earnest criticism.

What they don't mention are any legitimate criticisms or questions and they do exist, despite Mr. Thain's readily apparent skills and strengths. "Mr. Fix-It," as Forbes referred to him in a headline leaves his head post at the New York Stock Exchange with two recent acquisitions not fully digested and still stand as open questions, as The Wall Street Journal points out.

(The Journal, it also bears mentioning, does give Thain totally premature credit for being like James Dimon of JPMorgan and Richard Fuld of Lehman Brothers. Time for a cold shower, Journal.

As even Forbes points out in the article calling him Mr. Fix-It, the NYSE has lost market share. Hmmmmm....

Business Week makes the excellent point that Thain, known as a technocrat, has never gotten his hands messy with the retail brokerage business. Mother Merrill, of course, has 14,000 of the creatures. And trust The Business Press Maven, who used to be one, on this: Put your hand out to a retail broker and you are just as likely to pull it back a bloody stump.

Anyhow -- if you ignore all the deep analysis about golf and piece together this isolated critical question from that publication and that isolated good question from another, you can piece together a good piece of Thain -- one that portrays him as a man from a great firm, an accomplished man -- but no perfect flawless soul, bound by destiny to succeed while never touching a putter! Thain, good but imperfect, has a tough job ahead of him. Let the fun begin, but let it begin with you, the savvy investor, knowing where reality stands.

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At the time of publication, Fuchs had no positions in any of the stocks mentioned in this column.

A journalist with a background on Wall Street, Marek Fuchs has written the County Lines column for The New York Times for the past five years. He also contributes regular breaking news and feature stories to many of the paper's other sections, including Metro, National and Sports. Fuchs was the editor-in-chief of Fertilemind.net, a financial Web site twice named "Best of the Web" by Forbes Magazine. He was also a stockbroker with Shearson Lehman Brothers in Manhattan and a money manager. He is currently writing a chapter for a book coming out in early 2007 on a really embarrassing subject. He lives in a loud house with three children. Fuchs appreciates your feedback; click here to send him an email.

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