CEO Vikram Pandit Kenneth Lewis Company Going Against Him Slow to cut costs, snowballing losses, spins all results positively, voracious consumer of taxpayer funds Bad acquisition of Countrywide, worse deal for Merrill, bonus scandal, gorged on i-bankers at peak of market Going For Him Engineering background, Suaveness. Southern…
Ken Lewis
Ken Lewis: Even More Myths About Banks
Kenny Lewis, Chief Executive Undertaker at Bank of America, took the opportunity to write an op-ed piece in today’s WSJ. Some of the bank myths he aimed to dispel: The banks aren’t lending, The banks are insolvent, The Troubled Asset Relief Program (TARP) hasn’t worked, Taxpayers have given the banks billions and won’t get…
"But We Can't Afford to Lose the Talent" and Other Bullsh*t
Attention Wall Street Banks: YOUR EMPLOYEES AREN’T GOING ANYWHERE. THERE IS NOWHERE FOR THEM TO GO. PRIVATE EQUITY FIRMS ARE SCREWED, REAL ESTATE FIRMS ARE DEAD ALSO…AS ARE MOST HEDGE FUNDS. STOP THE BONUSES, YOUR PEOPLE ARE STUCK WITH YOU ANYWAY. _____________________________________________________________________________ As B of A/ Merrill‘s Ken Lewis and John Thain continue to play…
This Just In: Obama and Geithner Cost Average Down in Citigroup Investment?
Hooray for Capitalism! Citi is about to join such illustrious government institutions as the DMV and the Postal Service! The feds are said to be in talks with Citigroup (C) about possibly owning up to a 40% stake in the Courtney Love of Money Center Banks at this late hour. All this while the world…
Hot Links: Maxine Waters, Bailout Nation and A-Rod
Hot Links for Weekend Reading This week, we watched another episode of half-educated Congressional grandstanding. This time around, the focus of misguided indignation was how much TARP money ended up being paid out to executive compensation and bonus by the largest banks. The show-stealer was none other than Maxine Waters, the representative of California’s 35th…
Hot Links: Ken Lewis Edition
Hot Links for Weekend Reading: The country is made up of two types of people right now, those who care about the Bank of America/ Merrill Lynch saga and those who truly don’t mind being robbed and pillaged in broad daylight. When the news came out that Merrill Lynch CEO John Thain requested a $10…
