Tuesday, March 17, 2009
Ken Lewis - A Marked Man
Ken Lewis, incompetence incarnate, was in Boston last week.
Someone I know who heard his speech told me that he looked *absolutely terrible*; he was thin, ragged, and frayed around all the edges; but this is only fair...
....as he's made millions of brokerage statements also look absolutely terrible!
I've been informed that he now has five full-time bodyguards.
And that the entire city of Charlotte wants to kill him - figuratively speaking of course.
Then again, he does have all that *security*.
One has to realize how many BAC stockholders there are down there who just gotten hammered as the stock's come down 90% from its peak.
The other day I randomly met someone who works for Ken Lewis' bank. Without being too specific, let's just say he's doing a lot of merger integration work with Merrill Lynch. He's traveling almost everyday to NYC (from Boston), often for a week or two straight. Let's just say that he's beyond depressed.
First of all, his BAC stock holdings have been effectively wiped out. Secondly, he's working his tail off with no shot of a bonus or a raise EVER on the horizon. Mere job security is his best outcome.
Lastly, and *worstly*, he says his Merrill peers, into whose department he's been consolidated, he said that they all earn *3 times* what he earns - and that they got paid 90% of their target bonuses last year.
I got the stark impression that this guy was going to quit pretty soon. So add to the vast collateral damage of Ken Lewis' idiocy the loss of one *cheap*, *hardworking* employee. [And then multiply it by a suitably large number.]
If only Ken had the best *mindguards* money could buy....
To see everything I've exposed Ken Lewis on - click here.