End of an era, Ken Lewis and BAC
Never a big fan, but can't help feeling that the Federal Reserve is the actual villain in the story. However, somebody had to take the fall and Ken was available. Bet he's wishing he never heard of Bernancke or Merrill.
Curious to see what type of severence package he gets. It will be the most scutinized retirement plan ever between the shareholders and government.
Ken had well over 2 mil. shares of BAC and a net worth of around 90 mil. when I left in Feb. I wouldn't be to worried about a retirement package if I were him.
This is simply a consequence of bad choices. These big institutions have "To Big to Fail" on their brain and end up taking way to much risk with shareholders money.
I'm all for The CEO EARNING $1 Billion/yr as long as the shareholders participate.
Previously, the CEO's gamble at the expense of the shareholder and/or tax payer. Hopefully, that will change.
I think he got a bad rap toward the end. I am curious to see who replaces him. Read an article yesterday mentioning the former CEO of Bank One(when it was clusterf8ck). Bank of America looks to me like Citigroup of 3 years ago. Not many people have the ability to run such a place(ask Vikram). I think for all the bad decisions Ken gets blamed for, I think he brought BOA to the forefront of banks.
dont worry ken will make up his supplemental retirement by writing his dirty little secrets in a tell all book. i cant wait
I think time will show Ken Lewis made the correct move purchasing Merrill. The deal that got him into trouble is he overpaid for Countrywide.
mlgone...after reading all of your posts, i have decided...you are a loser. Did ML kick you out so you could come on a message board and talk bad about them??? Let me guess, "you went independent" just like the rest of these guys that are on a message board that is titled "What is Up at Firms"
You sir, need to get a life...or at least start cold calling and stop posting on a message board.