At the completion of the Merrill Lynch deal, BAC's general counsel was Mr. Timothy J. Mayopoulos. When Mayopoulis disagreed with BAC about the need to disclose MLs massive quarterly loss of $15.8 billion plus $3.6 billion in bonuses, he was summarily fired and “frog marched” out of BAC headquarters and replaced with, you got it, Moynihan as general counsel
At the time, Mr. Moynihan hadn't practiced law in 15 years. “His legal career was such an afterthought that he had let his bar membership lapse”
Having said that, Mr. Moynihan, as CEO has been meticulous, ethical and worked hard to resolve most of BAC’s legal issues. His CEO role should have been that of a caretaker or temporary until the legal problems are in the rear view mirror. The role of a CEO is to manage revenue and profitability. The academic disciplines and professional qualifications and credentials for this role at a mega bank are well established.
When the regulators bailed out AIG to the tune of $180 billion they did not screw around with any incompetent board of directors. They appointed their own CEO Mr. Benmosche; May He Rest in Peace. Mr. Benmosche studied mathematics. Actuarial management and technology were his cup of tea.
The regulators thus ensured that taxpayers will eventually get their money back. They got their money bacl with profit!.
When BAC lost over $ 50 billion in the CW and ML debacle and the regulators bailed it out with an additional $45 billion; that put shareholders in the hole for $95 billion. We are still digging ourselves out of that hole!!!. There is still time to bring in the right CEO.
Finance, Economics Business and Numbers are not Mr. Moynihan’s strengths. He talks, walks and presents like a corporate Lawyer. His role has to change
You will not live to see the day that BAC will be $25.00 a share unless they do a REVERSE SPLIT. This will be their last gasp. FIRE MOYNIHAN ==== He has no vision for the future
It's staggering how the Mooselums can lie. He's almost as stupid as the quisling in the white house.
Sgt. Bowe Bergdahl told the military he left his unit in eastern Afghanistan in July 2009 intending to walk to the nearest U.S. military outpost to report wrongdoing, believing he could not trust his own commanders to deal with his concerns, according to sources familiar with the Army investigation. It is the clearest indication yet of the motive behind his decision to leave his post.
If the quisling turns US policy against Israel, we will see total loss of divine favor that we have enjoyed since the country was founded. Can't we get rid of this odummy?
Total worldwide loss of respect for the country and significant damage to our culture. Leading us down the path to death and destruction.
Worst trade ever BAC failed miserably. Luckily the guys over at Ultimate Stock Alerts (you’ll find them in Google) helped me out
No DOC loans starting 02 or was it the American Dream Act Barry had Bush sign ?