Bank Of America - Great Acts Against Society?
Isn't it ironic that seemingly when Hank Paulson tells us the world is a better place, within days the government is throwing more money at the problem? The last interview was Monday. Since then some banks are down 50% and the Feds just propped up Bank of America with $138 billion in capital and guarantees. Before that it was just days before Citi's final implosion and similarly sized bailout. In fact, Hank is batting near 100% over the last eighteen months.
Government and society are learning a lesson. Unfortunately, that lesson is at society's expense. Even after this crisis was realized, how much of this would have been avoided with significant transparency and some market-based ideas on how to deal with the banking mess? And some accountability. Something every reasonable mind was calling for before this crisis became a tsunami.
Last week we posted the magnanimous Ken Lewis remarks below. This week, Lewis needs $138 billion in our money to pay for his incompetence as CEO of Bank of America. Do I live in some alternate universe or is this just a little upsetting? Yet, where is our government? Where is the outrage of lawmakers and government that is to be the will of the people? Lewis runs the company into the ground, tells the board that he has done a great job but given he is a pay-for-performance kinda guy refuses a bonus that he clearly intimates that he really deserves. And a week later he needs the largest public bailout in American history. A bailout large enough to pay a year's worth of unemployment benefits for ten million Americans affected by his incompetence. Or to keep five million families with children in their home and another five million given unemployment benefits. The question isn't if Lewis should get a bonus. The question is if Lewis is just narcissistically foolish or if there is criminal intent in the implosion of Bank of America. Does Lewis have any remorse? A conscience? Contrition would go a long way to help mend society's pains from any of the banksters. Instead they take the TARP money and give themselves billions in bonuses. Why would we not get a public apology and a commitment to fix this mess and to forfeit his compensation for the last five or ten years and for the next five or ten years? Why shouldn't Lewis be forced to give society back his entire salary and benefits as CEO.
Where is the representative voice of the sovereign? Who will stand to bear witness for families? For children? For society? Who? Will you?
Bank Of America CEO "URGES" No Bonus For Himself
“This was a difficult decision because we have worked hard and made progress on many projects that will create value for our company in future years,” Lewis said in the memo. “Nonetheless we are a pay-for-performance company.”
Government and society are learning a lesson. Unfortunately, that lesson is at society's expense. Even after this crisis was realized, how much of this would have been avoided with significant transparency and some market-based ideas on how to deal with the banking mess? And some accountability. Something every reasonable mind was calling for before this crisis became a tsunami.
Last week we posted the magnanimous Ken Lewis remarks below. This week, Lewis needs $138 billion in our money to pay for his incompetence as CEO of Bank of America. Do I live in some alternate universe or is this just a little upsetting? Yet, where is our government? Where is the outrage of lawmakers and government that is to be the will of the people? Lewis runs the company into the ground, tells the board that he has done a great job but given he is a pay-for-performance kinda guy refuses a bonus that he clearly intimates that he really deserves. And a week later he needs the largest public bailout in American history. A bailout large enough to pay a year's worth of unemployment benefits for ten million Americans affected by his incompetence. Or to keep five million families with children in their home and another five million given unemployment benefits. The question isn't if Lewis should get a bonus. The question is if Lewis is just narcissistically foolish or if there is criminal intent in the implosion of Bank of America. Does Lewis have any remorse? A conscience? Contrition would go a long way to help mend society's pains from any of the banksters. Instead they take the TARP money and give themselves billions in bonuses. Why would we not get a public apology and a commitment to fix this mess and to forfeit his compensation for the last five or ten years and for the next five or ten years? Why shouldn't Lewis be forced to give society back his entire salary and benefits as CEO.
Where is the representative voice of the sovereign? Who will stand to bear witness for families? For children? For society? Who? Will you?
Bank Of America CEO "URGES" No Bonus For Himself
“This was a difficult decision because we have worked hard and made progress on many projects that will create value for our company in future years,” Lewis said in the memo. “Nonetheless we are a pay-for-performance company.”
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