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Jim Van Meerten
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Jim Van Meerten is an advisor to Marketocracy Capital Management and writes on financial subjects here and on Barchart Portfolio Blogs. He earned a BS in Accounting and Business Administration from Berry College; a Juris Doctorate from the Woodrow Wilson School of Law; and attended... More
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  • BAC: Ken Lewis & Bank of America 7 comments
    Jun 21, 2009 5:29 PM | about stocks: BAC

     

    I've really tried to pay attention to this whole Ken Lewis - Bank of America saga.  I'm really more confused then ever. I'm not sure what to believe and need your help.  Please give me your opinions.
     
    1. Ken Lewis is one of the smartest CEOs ever.  He has weathered the storm and bought both Country Wide and Merrill Lynch for a song and got the Feds to pay for it all.  He should be Time Magazine's Man of the Year.
     
    2. Ken Lewis has knowingly lied about everything and has committed securities fraud.  Not only is he as bad as Madoff and Stanford but his Ponzi scheme is a lot bigger.  Indict and arrest him for fraud.
     
    3. Ken Lewis and his Board of Directors have misled the stock holders, the Fed, the SEC, and the press. Because of their lies and deliberate misinformation stockholders have lost billions.  Sue them all for every cent they have.
     
    4. Ken Lewis is the stupidest CEO ever. Because he was clueless he made and packaged bad loans that destroyed the American economy, bought Country Wide and Merrill Lynch without even the least due diligence.  He isn't smart enough to be a teller in one of his bank locations.  Fire him without a severance package.
     
    5.  Ken Lewis?  Who cares?
     
    Please give me your opinions.
     

    Jim Van Meerten
    Themes: Ken Lewis Bank of America Stocks: BAC
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Comments (7)
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  • Jason Bourne
    , contributor
    Comments (2) | Send Message
     
    Opinion number three is spot on. I work for their consumer division in the Metro NY Region and the lies and misinformation that we are asked to disiminate to our employees and customers about our "Strenght and stability" is borderline criminal. We are very deceptive with our home, small business, and credit card lending practice, and consistently inflate our sales numbers so that Wall St can view us favorably.
    21 Jun 2009, 05:59 PM Reply Like
  • jgoldstein
    , contributor
    Comment (1) | Send Message
     
    #5 - WHO CARES?
    22 Jun 2009, 10:05 AM Reply Like
  • User 435007
    , contributor
    Comment (1) | Send Message
     
    I'm sorry, but no one named Jason Bourne works for BAC, so I would take that opinion for what it's worth. All the options are a bit extreme. In my opinion, his performance lies somewhere between option one and three. His actions may have been questionable during the previous year, but I believe he is the best person to lead BAC out of this recession. The purchases of CHL and Merrill will show their worth during the next few years. You cannot judge these acquisitions on their short term results.
    22 Jun 2009, 10:31 AM Reply Like
  • Michael Whitney, SEIU
    , contributor
    Comment (1) | Send Message
     
    It’s up for debate for what to do with Ken Lewis. Authorities can arrest Ken Lewis. Stockholders can sue him. Directors can fire him. He took one of the nation’s leading banks and ran it into the ground. He made risky bets with others’ money and stuck taxpayers with the tab when his bets went sour.

     

    But Ken Lewis’s sins are just symptoms of a wider pandemic within the financial sector—greed. Wall Street’s compensation structures reward excessive risk-taking, up and down the corporate ladder. Bank of America workers report that their pay is dependent on how much debt they can push onto consumers, regardless of a customer’s ability to pay it back. They are afraid to speak out against these predatory policies.

     

    We need to turn the Wall Street compensation structure on its head. Bank employees should be rewarded for promoting the safety and soundness of the economy and helping Americans accumulate wealth, not for greed. They should have the protections they need to come forth and speak out when they see their institutions putting short-term profits before the stability of the financial system.

     

    Ken Lewis can be arrested, sued, and fired for his greedy and excessively risky business practices. But unless we get meaningful financial reform, the next Ken Lewis will be free to make the same disastrous mistakes all over again and the saga will continue.
    22 Jun 2009, 05:45 PM Reply Like
  • Jason Bourne
    , contributor
    Comments (2) | Send Message
     
    Do you really expect me to post my real name? or should I post my NBKid or CAI number to prove that I work for BAC.

     

    On Jun 22 10:31 AM User 435007 wrote:

     

    > I'm sorry, but no one named Jason Bourne works for BAC, so I would
    > take that opinion for what it's worth. All the options are a bit
    > extreme. In my opinion, his performance lies somewhere between option
    > one and three. His actions may have been questionable during the
    > previous year, but I believe he is the best person to lead BAC out
    > of this recession. The purchases of CHL and Merrill will show their
    > worth during the next few years. You cannot judge these acquisitions
    > on their short term results.
    23 Jun 2009, 11:39 PM Reply Like
  • Joni
    , contributor
    Comment (1) | Send Message
     
    Make Lewis pay with ALL of his assets as well as his personal freedom. Hopefully, he will become the poster child for greed and corruption!
    24 Jun 2009, 12:03 PM Reply Like
  • Maybur
    , contributor
    Comment (1) | Send Message
     
    Go back to the video of the events that led to the bailout of BAC. Ken Lewis was told to take Countrywide and Merrill "or else" in so many words by those making the decisions that evening. He kept his job and BAC got the money to survive. Why was the ultimatum made? That has never been revealed.

     

    Maybur
    26 Aug 2013, 06:07 PM Reply Like
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