Is Ken Lewis Next?
Started by waverly
over 17 years ago
Posts: 1638
Member since: Jul 2008
Discussion about
From Clusterstock, Jan. 22, 2009: "Ken Lewis has now successfully focused some of the outrage about the destruction of Bank of America (BAC) on John Thain. Thain was the one responsible for that $15 billion loss. Thain was the one who approved $4 billion of bailout-funded bonuses. Thain was the one who spent $1.2 million decorating his office. And now, a month after the bonus and loss outrages,... [more]
From Clusterstock, Jan. 22, 2009: "Ken Lewis has now successfully focused some of the outrage about the destruction of Bank of America (BAC) on John Thain. Thain was the one responsible for that $15 billion loss. Thain was the one who approved $4 billion of bailout-funded bonuses. Thain was the one who spent $1.2 million decorating his office. And now, a month after the bonus and loss outrages, Ken Lewis has finally fired John Thain. As he should have. Someone has to take direct responsibility for that loss, the taxpayer-funded bonuses, and the humiliation of Ken Lewis. And John Thain's that man. But don't let this distract you from who is ultimately responsible. No one forced Ken Lewis to buy Merrill Lynch--the decision that, more than any other, destroyed Bank of America shareholders. No one forced Bank of America to approve the $4 billion in bailout-funded bonuses Merrill just paid to its workforce. John Thain isn't responsible for those decisions. Ken Lewis is. If Bank of America's board doesn't finally acknowledge this and throw him out, the board should be thrown out, too." I am not defending Thain in any way, but how much did Ken Lewis spend on his office? How would Ken look if we went through his expenses? My guess is, not so different than Thain. Thoughts? [less]
:) He's outta here :)
He pretty much threw Thain under the bus today (not that he didn't deserve it), and tomorrow it's time for him to step down....you know, because he's a patriot.
You're going to have to pry the CEOship from his cold, dead fingers.
Only a matter of time before B of A needs a full fledged bailout like Citi. Things are only going to get worse at Merrill and plus they still must have problems with the Countrywide assets. Angelo Mozzillo was no better than Thain.
Maybe Lewis can go to Citi, and Pandit to BofA. Compare balance sheets.
Yes! BofA is a mess and he must be held responsible.
type3 - Haha! Could you see that meeting?
"Ken, you've done a great job here over the past 20 years, but we are going to have to let you go. Please give us your BOA name-tag"
"Thanks for the kind words, but I don't accept your offer of firing me. No, you cannot have my name-tag. You will have to kill me first!" (as he barricades himself into his office)
I hear he spent $10MM building a bomb shelter in there.... he can hold out until his commode overflows ... :)