Word: chiefed
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...December, when Brian Moynihan was tapped to be the chief executive of Bank of America, many said he got the job because no one else would take it. Just days before, Robert Kelly, the CEO of Bank of New York Mellon, had become the latest high-profile executive to turn down the post. But in the three months since Moynihan, 50, has taken over the reins at the nation's largest bank, he has used a mix of consumer-friendly initiatives, Washington face time and attention to detail to win over critics. Consumer advocates have applauded the bank's moves...
Moynihan, of course, still has a lot of work to do. He still has to turn around Bank of America's large credit-card business, which has consistently had higher loss rates than competitors. The bank has also been without a chief financial officer since mid-January, though people close to the search say Moynihan recently narrowed his choices down to three people. And Moynihan may have to answer recent claims that the bank used Lehman-like accounting maneuvers to hide assets. Bank of America has denied the allegations. (See the best business deals...
...acquisition of FleetBoston Financial, after the executive turned down the post of head of the bank's card division. Lewis even had a press release drafted announcing Moynihan's departure. The bank's board of directors, however, convinced Lewis to keep Moynihan, who was made the bank's chief legal officer and then the head of its retail operations before becoming CEO. (See the top 10 bankruptcies...
...Inter-Services Intelligence (ISI) ever since he was the main recipient of the CIA and Saudi aid that was channeled by the ISI to anti-Soviet Afghan rebels in the 1980s. And despite the fact that since 2002, the U.S. has considered Hekmatyar a terrorist, the Hezb-i-Islami chief operates more or less openly inside Pakistan. He maintains houses for his family in Peshawar and Islamabad, and recruits his fighters from Afghan refugee camps near Peshawar, all under the watchful eye of the ISI. (See TIME's video "Obama...
...elections that are expected in May, have both indicated to TIME that they will recalibrate London's approach to Washington. "Blair was too much the new friend telling you everything you want to hear, rather than the best friend telling you what you need to hear," says Conservative chief David Cameron. What America needs is "the candid friend, the best friend." Liberal-Democrat leader Nick Clegg, speaking to TIME in February, was even more outspoken, deploring "this almost unseemly knee-bending allegiance to the White House." (See "Nick Clegg: In the Balance...