Posted on 01/28/2009 8:42:25 PM PST by rabscuttle385
Bank of America Corp.’s board expressed support for Chairman and Chief Executive Kenneth Lewis following its meeting Wednesday.
“The board today during the regular meeting expressed support for Ken Lewis and the management team, noting their expertise in managing through challenging environments and in assimilating mergers,” lead director Temple Sloan Jr. said in a statement issued through a bank spokesman.
(Excerpt) Read more at bizjournals.com ...
Another example of a board appointed by the CEO rewarding CEO failure.
I’m sure it resembled the meeting of the governor and his staff in the movie, “Blazing Saddles”.
LOL
Bank of America fired the wrong CEO.
Thain protected Merrill’s shareholders by selling at the best price possible. Lewis overpaid for both Countrywide and Merrill.
If you were the BAC board, which CEO would you rather have? The one that can sell at a premium price or the one who pays top dollar for everything.
>>I’m sure it resembled the meeting of the governor and his staff in the movie, “Blazing Saddles”.<<
It may have been closer to to the scene around the fire with the beans...
Great. Bunch of Welfare Qeens sitting around telling each other how great they are.
Agree, Thain, despite the albeit very very bad PR of the million $ office makeover, was a very capable C level exec at GS, NYSE, and ... probably did as well as anybody could for Merrill considering it was already in a downward spiral when he took over the CEO job.
Give him credit for able to find a buyer for Merrill with all the troubled assets on the book in the same bloody week Lehman Bor tried and failed to find a buyer.
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