Monday, March 2, 2009

Ken Lewis

- CEO of the biggest bank in the U.S. -- Bank of America!

- To date, BofA has accepted $45 billion in federal bailout money!

- Started his career in banking in 1969, as -- get this -- a credit analyst!

- In 2008, in the middle of the utter collapse of the global housing market, made the brilliant decision to acquire sub-prime mortgage lender Countrywide Financial -- for $4 billion!

- That same year, spent $50 billion to acquire Merrill Lynch -- despite that bank's massive sub-prime exposure!

- Failed to disclose Merrill's 2008 financial situation to BofA shareholders -- despite having full knowledge of how dire it was!

- Signed off on $3.6 billion in bonuses to Merrill bankers -- despite Merrill's loss of $27 billion in 2008!

- BofA posted a loss of $2.4 billion in 2008 -- but Lewis still received compensation of $9 million!

- Thanks to Lewis' "leadership", BofA may well end up having to be nationalized -- at further great expense to taxpayers -- to prevent the total collapse of the financial system!

- Stunning as it may seem, won American Banker's 2008 Banker of the Year Award!

- One former BofA executive called Lewis "the most dispassionate man I've ever met," adding, "He has ice water in his veins"!

- Last week, in an historic speech before the entire Congress, U.S. President Obama declared that the days of bankers flying on expensive private jets "were over"!

- This week, Lewis flew to New York to meet with Attorney General Andrew Cuomo -- on an expensive private jet!

- Cost to fuel and staff the private jet, per hour: $5,000!

- Cost for a commercial flight from BofA headquarters to New York: $440!

- At the meeting, Lewis refused Cuomo's request for information about the Merrill bonuses he signed off on -- in essence saying, "Up yours, taxpayers!"

- Idiot!

No comments:

Post a Comment