Ken Lewis is on the clock
By Steve PoftakJanuary 22nd, 2009
Ken Lewis’ dramatic firing of John Thain from BofA only highlights the next departure — Ken Lewis.
He bought Merrill at the height of the crisis and clearly fumbled the due diligence on the deal. Otherwise, why does he need $20b in funds and $120b in guarentees from the Feds to do the deal only a few short months later?
A hidden winner in all this? Old Friend Brian Moynihan, who takes over for Thain.
Entry Filed under: News
1 Comment Add your own
1. J Cast | February 8th, 2009 at 11:23 pm
Ken Lewis is an egomaniac who doesn’t give a damn about BOA shareholders or his employees. He should have walked from the Countrywide deal, paid the break up fee, and gone back to putting his own messy house in order. Then he bargained to pay 4 times what Merrill was worth and did not do his homework. He knew better than the rest of the world–
and got caught with his pants down.
But no his inflated ego drove him to take on two of the biggest, most f–ked up financial entities in this country and ruin the little bit of BOA value that was left.
As a shareholder I stopped voting for his crap early last year and now I will always vote against him, and everything his BOD recommends. They are pure idiots!
They will all be kicked out after all the lawsuits are filed. Their D&O insurers won’t be able to protect them forever. And the shareholders and employees deserve better.
Kenny boy should be ashamed. I want him out— I hope he has to live the rest of his life in shame– and that he tosses and turns every night thinking about how he single handedly made two of biggest, most uninformed financial blunders in the history of the world. Kenny boy, you were never a top CEO, just a BS’ing, back slappin’ egomaniac. Feels good to hear the truth doesn’t it!
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