Single digits here we come! Atta boy, Ken Lewis!
Here's a very long article on Bank of America, with an update on its Merrill Lynch acquisition, which weirdly also offers up an extended biographical sketch of my whipping boy Ken Lewis. It reads, ironically or perhaps presciently, like an epitaph. The article is average at best so you lazy arses don't have to read it!
I just pulled one quote for its comic value:
The deepening U.S. recession is squeezing off Bank of America’s lifeblood: consumer spending. American households probably lost a staggering $7 trillion in net worth in 2008, according to an analysis of Federal Reserve, housing and stock market data by Thomas Lawler, former senior vice president of risk policy at Fannie Mae.
Did y'all get that?
*Risk manager* had to be one of the most ridiculous, most phony job titles in corporate America today.
But how about those crumbs at Fannie Mae!?!?!?
They don't even pretend to *manage* risk.....they merely have a *policy* toward it.
And that *policy* would be.....to ignore it, then to hide it, when caught redefine it, and ultimately to dump it all onto taxpayers!