Word: lewises
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Dates: during 2000-2009
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Ken Lewis got a slap on the hand. Shareholders of Bank of America (BAC) voted to separate the chairman's role from the CEO's and the bank's board was forced to elect a new chairman, Walter E. Massey, a college president who has been on the firm's...
Despite some brief humiliation, Lewis got the one things he wanted: he still runs Bank of America and has a rubber-stamp board that supports him.
Lewis is a narcissist and a coward who spends as much of his time as possible defending himself in the media. He tried to excuse the mistake of buying Merrill Lynch by saying that the government forced him to close the transaction. As the sitting head of a public company...
Lewis has also been heavily criticized for putting the bank in a financial position where it is unlikely to pass the government's bank stress test which means it will have to raise more money. Among other things, this will dilute common shareholders and may even jeopardize the value of...
The B of A board must have made its decision to keep Lewis based on one of two things. The first is that he did the best he could with a difficult set of circumstances that face most large banks. The second is that no one else would take the...