Alias1024
Topic Author
Posts: 2236
Joined: Mon Oct 25, 2004 11:13 am

To B Of A CEO Ken Lewis: (Rant)

Fri Jan 16, 2009 10:23 pm

Let me see if I have understood your statement from today's conference call correctly. You sold your own shareholders down the river in some sort of patriotic act to prevent systemic risk and save the financial markets?

If Bank of America was doing such a great service to America by taking on Merrill Lynch and not walking away from or renegotiating the deal, why did you accept the government terms for TARP money that are absolutely catastrophic to B of A shareholders?

Way to negotiate from a position of power, Ace.  Yeah sure

Rant over.

Anyone else that wants to vent their frustration about corporate stupidity is free to add on to this thread.
It is a mistake to think you can solve any major problems with just potatoes.
 
Cadet57
Posts: 7174
Joined: Mon Jul 25, 2005 2:02 am

RE: To B Of A CEO Ken Lewis: (Rant)

Fri Jan 16, 2009 10:45 pm

As long as I get my "keep the change" money transferred to my savings every month, im happy  duck   stirthepot 
Doors open, right hand side, next stop is Springfield.
 
vikkyvik
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Joined: Thu Jul 31, 2003 1:58 pm

RE: To B Of A CEO Ken Lewis: (Rant)

Sat Jan 17, 2009 12:46 am



Quoting Cadet57 (Reply 1):
As long as I get my "keep the change" money transferred to my savings every month, im happy

Ha, out in your neck of the woods, I bet if you walked down to the bank, you could actually see them doing this: taking some change out of one piggy bank and putting it in another.

Reminds me of the Family Guy where they're in the Witness Protection Program down South, and the ATM is just a guy in a cardboard box.
I'm watching Jeopardy. The category is worst Madonna songs. "This one from 1987 is terrible".
 
us330
Posts: 3413
Joined: Tue Aug 08, 2000 7:00 am

RE: To B Of A CEO Ken Lewis: (Rant)

Sat Jan 17, 2009 1:13 am

Alias, look on the bright side. At least he told Fuld to stick it where the sun don't shine when Fuld tried to ask him to bailout Lehman--then B of A would be totally screwed.

Yes...this goes out to all those involved in the mortgage crisis, especially those bankers who packaged the loans into CDOs:

I went to a school that you highly recruit from, I went to many of your firmwide presentations. There was one overarching message: We are looking for the best and the brightest, and we have the best and the brightest.
You are totally full of bullsh*t. Even somebody with no financial background could tell you that making it easier to buy a house than it was to buy a car is just simply screwed up. Yet you not only enabled it, you decided to package these risky loans together, which somehow made the risk of default that much more unlikely, and you profited from them. Yet, when your company's stock price plummeted like a stone, you claimed that you didn't understand the risk. Then you asked Congress for some relief for your minor "oopsies," promising that it would never, ever happen again, and now, you refuse to reveal how you are spending that relief money--the taxpayers money for gosh sakes, some of whom have lost their jobs because of this meltdown caused by your incompetence. Why the eff were you taking the risk if you didn't understand it? How can we taxpayers honestly trust you with our money when you didn't so well the first time around?
Get out of your trader mentality and start looking long term rather than trying to make the quick buck.
 
Alias1024
Topic Author
Posts: 2236
Joined: Mon Oct 25, 2004 11:13 am

RE: To B Of A CEO Ken Lewis: (Rant)

Sat Jan 17, 2009 2:08 am



Quoting Us330 (Reply 3):
Alias, look on the bright side. At least he told Fuld to stick it where the sun don't shine when Fuld tried to ask him to bailout Lehman--then B of A would be totally screwed.

I just don't understand how you let the government guilt/bully you into making what you know is a terrible deal that will absolutely crush the people you work for, the shareholders. It just escapes all logic and reasoning.

It's tough to imagine that some sort of class action investor lawsuit won't emerge from this debacle.
It is a mistake to think you can solve any major problems with just potatoes.
 
lincoln
Posts: 3133
Joined: Mon Nov 01, 2004 11:22 pm

RE: To B Of A CEO Ken Lewis: (Rant)

Sat Jan 17, 2009 4:22 pm



Quoting Cadet57 (Reply 1):
As long as I get my "keep the change" money transferred to my savings every month, im happy

You realize that they aren't doing anything you couldn't do yourself with online banking (or an ATM or a Teller, or over the phone, or...), right?

Actually, maybe someone can explain this to me; I've never understood what the appeal of "Keep the change" is -- I mean, I'm all for saving in a separate account -- I manually sweep ~$500/month from my checking to my savings -- but I just don't get keep the change.

Meanwhile I'm patiently waiting for BofA to open a branch less than 3 hours from where I currently live.

Lincoln
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