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New York Stock Exchange honcho, John Thain, has just been named the new head of the world's biggest brokerage firm,

New York Stock Exchange honcho, John Thain, has just been named the new head of the world's biggest brokerage firm, Merrill Lynch. Thain, who's known for his humane approach (as opposed to Merrill Lynch's former top exec, the ruthless Stanley O'Neal) for which he received the nickname "Thain the Humane", is expected to steer the Merrill Lynch ship out of sub prime's troubled waters and the biggest quarterly loss in its 93 years.