Word: lewises
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Lewis L. B. Gifford ’51, who worked with Updike on The Lampoon, said that Updike once showed him a bound volume of his early writings in his Hollis dorm room. The work had been typed by Updike’s mother, herself an aspiring writer who worked...
John Thain's swift departure as head of Bank of America's (BofA) Merrill Lynch unit after a 15-minute dustup with his boss, CEO Ken Lewis, is a consequence of friction that occurs when conflicting business maxims come into contact. And the fact that Thain must really love to...
Thain played by that rule even though he was relatively new to Merrill, having arrived 14 months ago from the New York Stock Exchange. But he infuriated Lewis by paying out a couple of billion bucks in bonuses before the deal had closed and before disclosing to Lewis that Merrill...
The problem was that in doing so, Thain broke another cardinal rule: Don't surprise the boss - especially on the negative side. Lewis was reportedly apoplectic about the size of Merrill's losses in the fourth quarter. But here's a question: What were BofA's risk managers doing? When...
Of course, there's always a chance that what is going on here is very different than it appears. Perhaps things weren't that bad when Thain decided to take off to Vail, and then Lewis got ahold of Merrill's books and decided to make them look worse than...