After successfully redecorating his office, merging Merrill Lynch with Bank of America, and then getting fired — John Thain is once again a CEO. This time he’ll be heading up a recently-bankrupt commercial and consumer finance company, CIT.

This is a very interesting company to me,” Mr. Thain added. “CIT’s primary business is lending to small and midsize companies, and if the U.S. economy is going to continue to improve, this is where we need to focus.”

He will be paid a $500,000 salary and receive restricted shares that, if available for sale today, would have a value of $5.5 million.

Meanwhile, the NY AG is suing Thain’s merger buddy, Ken Lewis, for fraud.

We wonder if Mr. Thain really will go to IKEA this time.

Merrill’s Ex-Chief Is Back, Atop CIT [WSJ]

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.