Ken Lewis, the Bank of America CEO whose disastrous acquisition decisions have recently destroyed the firm's shareholders (BAC)

http://clusterstock.alleyinsider.com/2009/1/bank-of-america-board-supports-destruction-of-shareholders-bac


BEST COMMENT
Bondguy said:
Jan. 23, 3:23 PM
Just for the sake of comparison in our now truly globalized financial markets...what would happen in China to a guy making the moves Ken Lewis has in the past several months? He is responsible for an absolutely astounding amount of wealth destruction. It would probably be impossible to determine exactly how many people he has negatively affected. I mention the China reference because 3 people were just sentenced to death there in the milk tainting case. Perhaps if we had tougher punishments in the US we would not be experiencing this vast array of corporate scandal. Unfortunately most of these jerkoffs know they will never do a day in the pen. And they will probably be able to keep their ill gotten gains. What a f'in joke our system is.



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Bank Of America Board Supports Destruction Of Shareholders (BAC)
Henry Blodget | Jan 23, 09 3:10 PM

kenlewis1006ap.jpgCNBC's Charlie Gasparino checked in on the fate of Ken Lewis, the Bank of America CEO whose disastrous acquisition decisions have recently destroyed the firm's shareholders (BAC). Ken Lewis's job is secure, Charlie says, because the board supports him.

So can we infer from this that the Board also supports the destruction of Bank of America's shareholders? If we aren't supposed to infer that, what are we supposed to infer?

What, exactly, would Ken Lewis have to do to shake the Board's support of him? Go to Davos?*

See Also: Ken Lewis: John Thain Exercised Poor Judgement

*In case you're not obsessed with this story, one of the breach-of-trust issues that Lewis's smear-John-Thain propaganda campaign highlighted yesterday was Thain's intention to go to the Davos economic forum despite frowns from some senior Bank of America execs.

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23 Comments
clawback said:
Jan. 23, 3:15 PM
He'll be fine if he just watches those office remodeling expenses.
ThunderingTurd said:
Jan. 23, 3:16 PM
I received the following email this morning (see below). It really sucks to be the first line of defense for people who don't ever have to face the public.

Dear [insert my name],

Ethics are to me paramount in my decision making as to with whom I want to
do business. Sadly, I have learned that for a second time, the Directors
and most Senior Officers of Merrill Lynch have acted with an inexcusable
lack of ethics and sound business judgment. As a result of their actions, I
no longer will maintain a business relationship with Merrill Lynch. As is
often said, Fool (betray) me once shame on you. Fool me twice shame on me.
I will not risk a third occurrence.

I regret the effect and negative consequences, if any, that this might have
on you, as you have handled my account in a commendable manner. Further,
you have always handled yourself with highest principles and
professionalism. And lastly, you have been and I hope will remain a
personal friend. But in spite of all of these positive attributes of yours,
your employer, at the highest echelons, lacks character, moral decency, and
a sense of fair play. And it is that taint that I find intolerable and that
has lead me to this decision.

As soon as I can make other arrangements, I will be transferring my entire
relationship with Merrill Lynch elsewhere. I trust that you will continue
to conduct yourself with the highest of principles and make the transfer of
my account orderly.

You have my permission to use my name and what I have said in response to
questions that may be asked of you regarding the effect on you and your
clients of the latest announcement of ethical misconduct and poor business
judgment by Mr. Thain and the Merrill Lynch Board of Directors.

I will contact you soon regarding my closing of my account with your firm.

Sincerely,
[client]
Bondguy said:
Jan. 23, 3:23 PM
Just for the sake of comparison in our now truly globalized financial markets...what would happen in China to a guy making the moves Ken Lewis has in the past several months? He is responsible for an absolutely astounding amount of wealth destruction. It would probably be impossible to determine exactly how many people he has negatively affected. I mention the China reference because 3 people were just sentenced to death there in the milk tainting case. Perhaps if we had tougher punishments in the US we would not be experiencing this vast array of corporate scandal. Unfortunately most of these jerkoffs know they will never do a day in the pen. And they will probably be able to keep their ill gotten gains. What a f'in joke our system is.
Foster said:
Jan. 23, 3:40 PM
Any share holder large or small, fund, pention, endowment, ect that is not writing the board to say "don't send a proxy letter this year, I believe I will come and vote against all of you" is crazy. Larry the cable guy should be nominated from the floor, and elected.
Dude said:
Jan. 23, 3:45 PM
@Bondguy...

I can not agree with you more on giving these A$$hole$ the Death Penalty. Actually give them the death penalty without trial, stop wasting taxpayers' money and time. These A$$HOLE$ think that they are above the law and know they can get away with it in America. America needs to embrace the Death Penalty.
Dr.Doc said:
Jan. 23, 4:03 PM
Doesn't Ken have crabs?
TJ (URL) said:
Jan. 23, 4:04 PM
Because the death penalty works so well to deter crime... Texas, with one of the highest murder rates in the US has the death penalty for murder and has one of the highest rates of actually carrying out sentences. North Dakota has one of the lowest murder rates in the US and has never had the death penalty.

Ergo, the effect of judicial killing has a smaller effect on human behaviour than the cultural, economic, or whatever differences between Texas and North Dakota, which are simply not that big on the scale of differences between nations, say.

Unfortunately, actually doing the hard work of figuring out how to reduce future occurrences of this kind of thing is just so much harder, and less satisfying to our inner monkey, than ineffectually thumping our collective chest and hooting that we'll kill 'em all.
D said:
Jan. 23, 4:11 PM
TJ- Can we all just put them and a circle and kick them around a bit, just to make ourselves feel better? Seeing as we are never getting the money back, it seems more than fair.
Kris said:
Jan. 23, 5:02 PM
TJ...your comparison of texas and north dakota is like comparing a supertanker to a bay boat. Your numbers are correct but lack the proper perspective.
UNhappy said:
Jan. 23, 5:52 PM
Watching the Lewis interview on 60 Minutes several months ago - one would have thought (at least I did) that BAC was really set for a very successful future . I'll bet Berkshire Hathaway felt that way too when they took a big position a year ago.
Now - ugh, how could Lewis and the board been so blindsided ? Where's the due diligence and who was watching the cash register in Thain & co.'s final quarter ??
Tupac said:
Jan. 23, 5:57 PM
Hmmm, what could possibly account for a higher murder rate in Texas than N. Dakota? I just can't imagine what could be the difference.

Hold on, let me call my friends in Texas: Julio, Juan, Chico, Alonzo, Jamal...
49reasons said:
Jan. 23, 6:36 PM
Tupac,
I doubt you have other friends except fellow bigots and Nazis. Please get a life and leave hard working minorities alone.
50th Reason said:
Jan. 23, 8:06 PM
49,

Tupac has lots of friends...Other "hard working minorities" like Biggie, Rev Wright, Louie Farrakhan, Jesse, Al, OJ etc.
ssnle said:
Jan. 23, 8:29 PM
Does anyone really live in ND?
49reasons said:
Jan. 23, 10:55 PM
50th,
Get a life too. If you can't speak intelligently without bringing minorities down, please post on your right wing nut blog.
48th Reason said:
Jan. 24, 8:56 AM
I was just one reason away from being a whiney, weak, teat-sucking, left-wing parasite.
E.Willoughby (URL) said:
Jan. 24, 1:03 PM
Remove ALL members of the Board both B of A and Merrill.

It is high time, we stockholders, protect our purchases from greedy, incompetent management. Let the Board act like they should and make DECISIONS that protect the stockholders . It seems the Board has lead the horse to water (the over paid executives, and now they are drinking).

Someone has to standup and be truthfull and honest, Clean house before all is down the drain.

dailybail (URL) said:
Jan. 24, 6:50 PM
lawsuits...do i hear lawsuits?

db
enufsaid said:
Jan. 24, 10:05 PM
E.Willoughby: Merrill no longer has a BOARD, BOA is their BOARD. KEN LEWIS NEEDS TO GO.
Ron B said:
Jan. 26, 11:19 PM
Y'all might want to start "Trading" stocks and stop "Investing" in them. Ride 'em up, then short 'em down baby... and Ken and all the rest be damned.
Investing requires by nature a certain level of trust. Trading on the other hand is simply buying and selling a commodity for a profit. And I don't mean day trading... swing and trend are simple and profitable, VERY.
geroge j said:
Jan. 27, 12:21 PM
If I were Ken Lewis, I would get a remote starter for my car.
Sharon said:
Jan. 27, 1:15 PM
All those ceo,board of director should take personal resposibility for their action,not blaming each other.i feel some of them are too old to long running the companies..look what happen now,they run the companies to the ground..

They screw up the companies and shareholder..they already have million,so they should be fine,the one that get hurt are sharesholder like me and other..

Fired all their ass..that how i feel

C&SBanker said:
Jan. 27, 1:25 PM
geroge j:

Geez, did u mistype your name & get stuck with it?

Anyway, your comment is Right ON, but please include the Board members!

All I can add is "KenBaby" tell Barbi "Good Bye", get an armored vest for your 3 piece suits, and see if your old ROTC helmet still fits your swollen head.