Thain is a better schoolboy than Fuld.

A very instructive paragraph froma nice article on Slate:

Thain, in other words, had been dealt a tough hand, but, unlike his compatriots at Bear, Lehman, Fannie, Freddie, and other firms, he played it well. Specifically, instead of blaming skeptics and short-sellers for Merrill’s sagging stock price, Thain focused on strengthening the firm’s balance sheet. Several times over the next few quarters, he swallowed his pride, took more enormous write-offs, and raised even more capital.

This brings to mine the most important lesson that any man(or woman) can learn, “You must adapt to changing circumstances“.