Ken Lewis Buys Stock, Has Board's Support, Still 'Going To Lose His Job'

Goodbye Ken! You won't be missed at all. You are a lying scum that ruined several once proud organizations (Bank of America, Fleet, and MBNA to name a few). Your stock has fallen so dramatically within the last year and a half (over $52.00 a share to @ $6.00) that you above all need to be fired. You are the executive and you are the responsible party for your business' failings. You demand accountability from your associates; try leading by example for once and own up to your mistakes. You boast of "Higher Standards" yet feel the need to borrow over $45 million from the tax payer. Resign and take your "Higher Standards" and double speak with you.

Give me a break. Ken Lewis doesn't deserve to lose his job. The FED and The Treasury Chiefs need to lose theirs. How can the US Govt use Stalinistic Brute Force to accomplish their goals of nationalizing Bank of America? The Merrill deal began to stink as soon as John Thain left Lewis' meeting. The dead fish was finally noticeable in December yet, BAC had to buy them? The US Govt NEEDs to be HAMMERED for this illegal Takings of innocent investors' money. This is as egregious a takings as anything in the financial history of the United States.

The spin job yet again. Whatever BAC does they spin it. Mendacious crepehangers anyway and another moronic argument by the second guessing village idiots. When we see short selling hedge fund artists like henry and aaron here disclosing their postions and buying into their own short hype at least they would be as honest and transparent as Lewis.

Remember how honest and truthful Wachovia's CEO was...

They are all the same - snakes & greedy, unethical pigs

Professor: How is the view from the cheap seats? Remember you get paid to write books, and educate kids with no real world experience of any kind. I am not defending Ken Lewis, but I am sick of seeing career academics pushing product on these shows. Give me more Bill Gross, Jim Rogers, and guys with skin in the game that have solutions,experience, and skin in the game. We have a problem in this country, and I want people who can fix it to speak up. Not an author who wants to throw stones and talk about his book.

Those who can, do. Those who can't, teach. I think your tardy for class, Finkelstein.

I agree....Kenny Boy will go soon. This is just the calm before the storm. I bet if you dig deep, the money he spent on the 200000 stocks probably came from the treasury TARP money laundered to look like his own. (Oh where have you heard this before...we didn't use the TARP money for our bonuses...) I am tired of these schiesters. They should just let the whole BOA-Merrill conglomerate fail and let the smaller and stronger local banks do the real lending to ease the credit crunch. The big boys are still highly overstaffed and over paid to feel for or care about main street.

Mendacious crepehangers - love that bit - shall co-opt as my own. Kudos

Ken Lewis kicks ass. When this downturn is over, he will look like a genius. All of these losers who want him to leave don't know what they are talking about. BAC will weather the storm and come back stronger. Patience is the key. Tech Ticker is full of BS. They've been calling for nationalization of the banks for a long time, its clear they are biased.

The criteria for ML merger with BofA as approved by BofA shareholders was not met. Poulson bribed Lewis to do this merger. Seems like fraud, SEC violation, and criminal laws should all be explored.

How foolish and how short are you guys? Do you not realize that if Lewis comes out and says "Merrill was a terrible idea but we're stuck with it" then BoA stock plummets. He HAS to say it was a solid "strategic" move. Everyone now knows that Treasury and Fed "had a gun to the head" of BoA and had no choice but to go through with the acquisition. As John Maynard Keynes said, "When the facts change, I change my mind. What do you do, sir?" Ken Lewis made a mistake, that's obvious to all of us. And he changed his mind in Dec. Can we really be mad at him for getting it right, even if it did take him a few months. Under normal circumstances he would've been able to back out of the deal and BoA would be a $35 stock with a 5% yield. Instead, thanks to our government it's teetering on the edge thanks to all of the ignorant "journalists" constantly spouting off about "nationalization". Why is it that the FDIC can't just "nationalize" Merrill Lynch, let BoA give back the $20 billion that Treasury gave them as hush money for swallowing Merrill and get on with being the #1 bank in the nation?

"Mendacious crepehangers"? Wow. I still think all these guys were just doing what the administration was telling them. Remember the "ownership society" speech? The banks were told to find a way to get every family in America into a house, and they did, albiet temporarily and at the expense of the world economy... Every bank executive appears to be overcompensated. Shareholders should be able to vote on executive compensation, because the boards of these companies are also overcompensated. Peace ya'll.

So the banks want some money from the US Government. BIG DEAL!! We fail to remember that the banks got us through some tough times and helped build this country. Loaning money as they have throughout the last 50 years has given Americans cars and homes in the suburbs. Banks have employed many people and have paid tens of trillions of dollars in taxes to the government. So they just have to ask for a little of what they paid in back. Its just too bad the government squandered it and don't have it to give.

If I lost as much value as Ken Lewis has for his company I would have been shown the door long ago.

Will all thinking Americans vote against John Boehner (Ohio)and Mitch McConnell (Kentucky) when they come up for re-election. They are fiddling while America burns. Playing old boy politics in a new era. We need the Stimulus package and need it now.

fiklebrain speakth with forkthy tongue

Henry and Aaron - I've listened to you guys bash Ken Lewis for a while now, and I believe you are totally underestimating him. Look at the whole history of the last few months. First, the Fed came to the largest financial institutions and forced them to take funds. In BofA's case - $25 billion. Every player in that meeting said they were told to take the money and it was for the good for the system. Whether it was the right or wrong policy is immaterial. Second, because of this and the Fed's urging for Citi, JP Morgan and BofA to bail out the investment banks. Lewis ignored Lehman, and they failed, he took the grand prize, Merrill, and yes, paid too much. Let's face it, the Fed gave BofA the "you're too big to fail." So, why wouldn't Ken Lewis buy struggling Merrill Lynch? It was a win - win to get the biggest brokerage and really not risk any chance of failure for BofA. Ok, then BofA finds out the disaster unfolding by trying to absorb Merrill and their gigantic loses. Admittedly, due dilligence should have been better, but they knew the Fed was going to give them more money or they would have broken the deal. And the Fed did. Again, BofA couldn't lose! So now, the stock price has been pummeled, like every other financial, Ken Lewis is using his pocket change to signal to the market that the company is fine. Remember, without Merrill, BofA made money in the last quarter. Sure, it will take a while for BofA to digest this one. As for the clash of cultures, he wanted the profitable brokerage, and will do the same thing to the invesetment banking unit that he did at BofA - completely pair it down. The investment banking culture will be gone, just like the other legacy Wall Street firms. Hey, I'm not a big fan of Ken Lewis, but I do recognize that he's pretty adept at navigating stormy waters. Already he has done it again, as the board has voiced their support.

Poor Guy, Man, what a huge bummer. I hope he doesn't have to spend all his earnings at Wal Mart like the rest of those has been execs. Just think of the huge loss our markets are going to see once all these top paid gumbos hit the dollar store circuit. America should go ez on this guys and ask them to serve under an Obama Cabinet position. It's just another sad day for American Capatilsm. Good Luck Ken. Take care man. Buy beans and eat at Ronald MacDonald house of Blues. Thanks for all your service!!! BUY BUY BUY...

Can you say 'Countrywide'??