Perhaps yesterdays revelation that Merrill Lynch, under the stewardship of John Thain, gave out Billions of dollars in bonuses just days before they were purchased by Bank of America. And then later announced they had huge losses and needed more Government (tax payer) money.
I think Ken Lewis (CEO) of Bank of America was genuinely pissed off about John Thain’s actions. But, at the same time I am confident that Mr. Lewis was ‘fully’ aware of the bonuses being handed out at Merrill. He is just ticked off that it made the press and everybody is criticizing them for it (and rightfully so). So Mr. Lewis is just playing the game of trying to make it all appear as if this is John Thain’s fault.
Let us hope that John Thain never apears in a financial institution leadership role… ever!
Note to Mr. Thain – We the tax payers want those Billions of dollars back! And we will start with YOUR own salary and bonuses over the last few years as well.
Note to Ken Lewis, Bank of America CEO – We are waiting for someone to kick YOU out the door. Banker of the year… (cough cough)
Recent Posts:
- Economic Data and Earnings Schedule for July 27 2010
- Dallas Fed Manufacturing Index – Drops to Lowest Level Since July 2009
- Economic Data and Earnings Schedule for July 26, 2010
- Is The United States Worthy of a AAA Sovereign Rating?
- Crude Oil Market Summary 7/19/2010 to 07/23/2010
- Economic Data and Earnings Schedule for July 23, 2010
{ 6 comments }
Yep, criminals are only remorseful ‘after’ being caught in the act. P-A-T-H-E-T-I-C!
Watched the show American Greed last night. It highlighted the HealthSouth scandal revealed ~7 years ago. The biggest criminal, the CEO, got away w/ it. But the five revolving CFOs got pinned with it (mostly rightfully so). The govt liquidated their mansions, properties, etc. to get some of the $ back.
Mr. Thain et. al.: We’re coming for you…
Mr. Thain basically ape-raped a 95 y/o institution into the ground in less than three years. Another one of our Ivy League Wall Street “geniuses”. Good grief. It only gets worse by the minute in this crazy market.
And someone please tell me that this is NOT a rigged game???
The continuing gall and arrogance of these financial godfathers is beyond belief, especially to a working white collar stiff like me who is being asked to pony up bail-out-bucks for yet another collective lack of ethical and financial judgment. It’s like the next incarnation, hugely magnified from the 50′s, Corporate Payolla…
Apparently these smirky financial gee-whiz-kids amassing and disbursing so much wealth in a New York minute didn’t listen to or get what Don Henley aptly penned out in “Gimme What You Got” from his End of Innocence CD a few year back…”when Gabriel comes and taps you on the shoulder, you won’t see no hearses with luggage racks”.
Give this timely to-the-point tune about greed some spin. If some of these high rollers ever do time, probably in a country club, the Warden ought to pipe-in “Gimmie What You Got” 24/7/365 as a relevant lyrical lesson to learn.
scorched earth technique being employed by a financial terrorist
The more we learn about both the great luminaries and the lesser lights of our financial/investment instutions and their governmental counterparts, the trickier it gets to decide which negative to affix to the term moral. Yes, we know that immoral means the opposite of moral. However, as is the case with science, necessity may compel us to chose a term signifying “outside the bounds of that to which moral distinctions or judgments apply.” This meaning is sometimes expressed by amoral, sometimes by unmoral, less frequently by nonmoral.
Hi,
Eager moves them.
They leverage the bets and make no hedging (even if they’re called hedge funds).
They take long positions and don’t defend with short ones, or vice-versa.
The real economy based upon industry, construction and agriculture isn’t virtual and cannot support speculation by lobbies.
Like always, the average Joe pays the bill and I wonder who runs the countries : the governments or the banks ?