BAC的老刘也会被自杀吗？！！Time Has Come for a Change at BofA's Helm

vcvc

http://online.wsj.com/article/SB124094509650964663.html
Dissident shareholders want to oust Kenneth Lewis as chairman of Bank of America at Wednesday's annual meeting. The bank's shares would probably benefit if he went further and stepped down as chief executive, too.

Mr. Lewis could have been a hero of the credit crisis, since he largely steered BofA clear of subprime. But the acquisition of Countrywide was a monumentally mistimed bet the housing market and the originate-and-sell model would recover sooner rather than later. And agreeing to pay 1.8 times tangible book for a teetering Merrill Lynch in September was foolhardy, given that relatively unscathed Goldman Sachs Group had the same multiple.

Mr. Lewis's defenders may argue that, facing Fed and Treasury pressure, he could hardly walk from the Merrill deal. But in reality, the Merrill merger agreement was too restrictive to allow the bank to easily ditch it or to substantially renegotiate the deal on the basis of worse-than-expected marks. It is a contract Mr. Lewis bears ultimate responsibility for.

Right now, shareholders need a CEO who has good working relations with the Fed, BofA's key regulator. That will be difficult given how much Mr. Lewis's accounts of the Merrill machinations appear to differ from Ben Bernanke's, regardless of who is right or wrong.

Mr Lewis's star rose during a long era of consolidation and excess in banking. Now BofA needs an operator who can successfully and profitably run a giant financial firm in a more sober, regulated environment. If BofA does badly in the stress tests, and the government acquires a big block of voting common stock, authorities would have good reason to press for change at the top.
冷饭炒多了也会馊的。。。oh yeah....
不过居然上周敢指责黑老大。。。就不怕被自杀吗？！！！大家怎么看？！

jackie8443

用词很贴切，被自杀。

winwise

too much conspiracy theory.
paulson  and bernake are the god fathers.............