Word: lewises
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Dates: during 2000-2009
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Citigroup (C), Goldman Sachs (GS), and Wells Fargo (WFC) had better-than-expected earnings. The banking sector was supposed to spend the balance of this decade feeling around in the dark and finding nothing but more bad assets and little revenue from what had been an investment banking goldmine fueled...
The demands for the head of Citigroup (C) CEO Vikram Pandit have not ended and may rise to a crescendo again if the bank receives poor "stress test" ratings from the federal government. The drumbeat of dissatisfaction about Ken Lewis, head of Bank of America (BAC), has gone on for...
The first rationale for allowing executives like Lewis and Pandit to remain where they are is that the series of financial company CEO firings which took place less than two years ago was not effective. The results of the turnover were, by almost any measure, a failure. Chuck Prince at...
The most convincing argument for keeping Lewis in his job is that he is now recognized as the Emperor without any clothes. Whatever hubris he had about the success of his tenure running Bank of America has been removed. He may be the most focused large company chief executive in...
The villains in this saga are not sorry. Almost 70 years ago, C.S. Lewis wrote that "the greatest evil is not done in those sordid dens of evil Dickens loved to paint but ... in clear, carpeted, warmed, well-lighted offices, by quiet men with white collars and cut fingernails and...