office at a bank that's in trouble," Gibbs said. On January 29, 2009, President Obama publicly criticized the large bonuses such as those handed out by Thain. Obama said: "I saw an article today indicating that Wall Street bankers had given themselves $20 billion worth of bonuses at a time when most of these institutions were teetering on collapse and they are asking for taxpayers to help sustain them, and when taxpayers find themselves in the difficult position that if they don't provide help that the entire system could come down on top of our heads—that is the height of irresponsibility. It is shameful. And part of what we're going to need is for folks on Wall Street who are asking for help to show some restraint and show some discipline and show some sense of responsibility. The American people understand that we've got a big hole that we've got to dig ourselves out of—but they don't like the idea that people are digging a bigger hole even as they're being asked to fill it up." Vice President Joe Biden also said the bonuses "offends the sensibilities. I mean, I'd like to throw these guys in the brig." On January 27, 2009, New York Attorney General Andrew Cuomo issued a subpoena to Thain in a probe into the bonuses he received just days before the Bank of America takeover. Charges of criminal fraud can be brought under the 1921 Martin Act against a person receiving an illicit executive payout. CIT Group On the evening of February 7, 2010, Reuters reported that CIT Group had announced that it was hiring Thain to replace interim CEO Peter Tobin immediately. In 2013, CIT paid him $8.25 million. On October 21, 2015 CIT Group announced that chief executive officer John A. Thain will retire effective March 31, 2016, and will continue to serve as chairman of the board of directors. Ellen R. Alemany, former head of the Americas division of Royal Bank of Scotland, will replace Thain as CEO. Memberships Thain is a member of the following organizations: MIT Sloan School of Management – North American Executive Board The New York Botanical Garden – Board of Managers, Investment Committee. Thain and his wife, Carmen, are both active members of the NYBG Board. Their philanthropy includes helping the Garden restore and preserve its 50-acre old-growth Thain Family Forest. INSEAD – U.S. National Advisory Board James