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26 Comments
- nullcodes, on 04/30/2009, -0/+15At least Bank of America isn't totally in the ***** like what happened to the competition. They must be a good bank because they denied my loan.
- wats1, on 04/30/2009, -1/+7Too bad it wasn't to oust him from BofA completely...
- LonesomeFighter, on 04/30/2009, -0/+4Because it's Ukrainians. If they weren't trying to sell plutonium then it would be news.
- inactive, on 04/30/2009, -1/+5They can't oust him completely the dems and the repubs need him in there to keep the cover-up going. If they brought new blood in the house of cards would start to fall.
- frieddonuts, on 05/01/2009, -0/+4Weird times we live in. Banks not being stingy enough and being used to gamble instead of maintaining concrete assets. A growing federal defecit that everyone loves to talk about but no one wants to do anything about. Countries claiming that they won't engage in protectionism one day, enacting subsidies and nationalizing banks and manufacturers the next. Makes you wonder if the world has always been built on top of *****, or if this is a new thing.
I'm not criticizing anyone in particular- we all were accomplices in this crime- but looking at it above politics, something just doesn't smell right. - robbob, on 04/30/2009, -0/+2its one thing to by ML, its another to do it on the sly
- owenw218, on 04/30/2009, -1/+3Hopefully he will be eventually
- LugaZap, on 04/30/2009, -1/+3***** KEN LEWIS
- angryguy2009, on 05/01/2009, -0/+2I'm sure he'll get a nice golden parachute for getting canned. It will probably make Waggoner's $20M look like chump change.
- JoeyNine, on 05/01/2009, -0/+2This proves that we don't need the government to step in and control things, as the shareholders have a voice.
- nullcodes, on 05/01/2009, -0/+2As frieddonuts above implies .. basically .. when banks were not giving enough loans .. people bitched and pressured them (threatened more like Community Reinvestment Act passed in 1974).
Now that they're in trouble people are asking "why did they give out ***** loans?"
Kinda reminds me of that Aesop's fable with the farmer and the donkey. - Ocyris, on 05/01/2009, -1/+2He needs to be brought up on charges for fraud and conspiracy to commit fraud with Ben Bernanke and Henry Paulson. They all knew Merill Lynch wasn't worth $50 billion but Bernanke and Paulson twisted his arm and Lewis didn't have the backbone to do the right thing.
They're all guilty. - lucidgoo, on 05/01/2009, -0/+1I can't even believe what a slack ass response this is to the most monumental financial ***** up in history. It makes me ill to think that no one at the top of ANY of these firms has been fired. It points to the obvious, that many shareholders of multiple banks must sit on eachothers' boards and all play ball together. This is an outrage.
A huge problem right now is simply lack of confidence in our financial system. This will continue until we show some damn accountability. Why would anyone trust any of these guys again? What was committed was possibly the biggest fraud ever.... and no repercussions?!?!?! I wouldn't have any confidence in that system either. - TinternAbbot, on 04/30/2009, -0/+1So what? He's still the CEO and he is going to remain in that role for the forseeable future. That said, there isn't much a CEO can do with a bank in BofA's position...they are way too large, way too levered and have huge, huge internal cultural problems. All on wall street could see that the BofA-ML marriage was doomed because of these cultural differences. Most of the human capital acquired in the acquisition has defected for greener pastures, rendering the acquisition itself worthless. It was done not to be accretive to shareholders but to stave off another doomsday scenario a la Lehman.
Funnily enough, the Barclays-Lehman deal has gone swimmingly. - stix213, on 05/01/2009, -1/+2The issue with bonuses for the Merrill Lynch guys was BS, but blaming him for all the problems of BofA is a bit of a stretch. He obviously has some responsibility, but BofA actually has been better off then some of the other banks. They are getting some government assistence, but it isn't like they are WaMu or anything.
Maybe I'm biased cause I bought BofA stock at the bottom and now are selling some of it off for a nice nice profit, so from my perspective he has been doing pretty darn good :) - DirtPile, on 04/30/2009, -1/+2Chairman Lewis now has the time to sit on a stool. An upside down one.
- dododohead, on 05/01/2009, -0/+1well then he'll just collect his millions of dollars and still win.
he's in a win win win situation! wow - geekee, on 05/01/2009, -0/+1He deserves that and more after screwing the shareholders by listening to the bs fro Paulson and Bernanke and not disclosing the real value of Merill Lynch. He went along with the govt. coverup "for the good of the economy". It seems both parties have the same solution to fix the economy. They screw over anyone who was responsible one way or another to take their money and give it to the failures on Wall St. and Main St. Nothing says don't save your money like the fed dropping interest rates to all time low and printing trillions of dollars to cover bad assets for failing banks. Your money will not even keep up with inflation. So you either invest it in something riskier, or spend it. Makes things look good in the short run, but in the long run it destabilizes the economy, the exact opposite of what the fed is supposed to be doing.
- inactive, on 05/01/2009, -0/+1Yeah, we don't need CEOs that come to the rescue of other companies which mitigates the impact on our excellent economy.
- geekee, on 05/01/2009, -0/+1That is interesting. It was posted over a day ago, but didn't make the front page until 10 hours ago. Digg is definitely being manipulated. There no way 10 hours after something is posted that people looking at new stories are suddenly clickin on this one.
- LeepII, on 05/01/2009, -0/+1So now he has to leave a failing company and is "forced" to deploy his golden parachute worth millions, just as planned. The sadder part is watching the MSM try to spin this as a punishment.
- rdoger6424, on 05/01/2009, -0/+1Except that the banks under the CRA did not give out ***** loans to poor people. Unregulated mortgage brokers, who were CRA-free, gave the shifty loans. And most of the problems lie with the middle class. The big impact of the mortgage crisis was in Stockton, CA, not Compton, CA.
- nullcodes, on 04/30/2009, -3/+3They accidentally the chairman role. Well, actually they accidentally my deposit too.
- LugaZap, on 04/30/2009, -2/+2Its weird, I posted an awesome and interesting article about 3 Ukrainians getting caught trying to sell plutonium, http://digg.com/world_news/3_Ukrainians_Caught_Try ... and not one person checked it out. It seems sometimes real news doesnt get far on Digg, people just want to see somebodys freakin cat trying to swat at a lampshade
- finalheaven07, on 04/30/2009, -1/+1Wow, old news. If this was up yesterday, then it would have been current. How does this make the front page now?
- blacktriangle, on 05/01/2009, -3/+1Ousted? He should be publicly hanged for having the worlds most terrible bank.
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