Word: banke
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While the battle between Bank of America CEO Ken Lewis and former Merrill Lynch CEO John Thain goes on over who knew about large bonuses and large losses and when they knew it, recent news that the bank will get $20 billion from the federal government along with $108 billion in loss guarantees has almost been forgotten. Much of the paper being supported by the government came from the Merrill acquisition...
...latest chapter in the blood sport between the two executives is a report that Bank of America was aware of $5.8 billion in bonuses going B of A and Merrill employees. Lewis had hinted that he was a bit in the dark about the arrangement. (See pictures of the global financial crisis...
...battling between the heads of Merrill and B of A is bound to take the combined company's eye off the ball of fixing the big bank. Even the board is bound to get tied up in the drama. So far it has supported Lewis. There is no way to know how long that will go on and who might replace him if he is forced to step down...
...time being, both Cuomo and federal authorities should pass the ball to the Bank of America (BAC) board. It has a duty to look into the Merrill merger and decide what should be done about any misconduct. It is not unusual for boards to hire outside counsel to look through complex matters involving potential executive malfeasance. During the options grant scandal two years ago, boards often took the lead getting to the bottom of these sorts of issues...
...debt - and so they want to make President Bush's debt-exploding tax cuts permanent. They say Democratic spending plans are full of pork - then they propose an extra $24 billion for the Army Corps of Engineers, the federal equivalent of Oscar Meyer. Let's just say their idea bank could use a bailout...