Ken Lewis, CEO of Bank of America, the failing bank in which U.S. government is now the largest shareholder, decided it would be a good idea to hop on his private plane to fly to New York yesterday. Why did he have to fly to New York?To meet with state Attorney General Andrew Cuomo, who is attempting to glean some information about the outrageous bonuses paid to Merrill Lynch employees after the company had lost $25 billion. Bonuses, in case you don't know, are generally rewarded for doing well, and at a brokerage firm like Merrill, doing well is defined by making-not losing-money. Just so we're all clear.Lewis seems to think that the administration, the New York A.G.'s office, and the American people won't decide to punish him and his bank for his flagrant, more-than-$5,000-an-hour plane flight. Or about his refusal to answer questions about the bank's bonus structure even though his bank is owned by the American people. Maybe he's right, or maybe he thinks that people will buy his argument that his time is worth that much. I have to break something to everyone: Bank of America would continue to function entirely fine if Ken Lewis was on a commercial plane for two hours. In fact, after this idiocy, I would venture to say that Bank of America would continue to function better if Ken Lewis was on a commercial flight for the rest of his life. I hope he is in coach next to really fat people with crying babies.
Ken Lewis, CEO of Bank of America, the failing bank in which U.S. government is now the largest shareholder, decided it would be a good idea to hop on his private plane to fly to New York yesterday. Why did he have to fly to New York?To meet with state Attorney General Andrew Cuomo, who is attempting to glean some information about the outrageous bonuses paid to Merrill Lynch employees after the company had lost $25 billion. Bonuses, in case you don't know, are generally rewarded for doing well, and at a brokerage firm like Merrill, doing well is defined by making-not losing-money. Just so we're all clear.Lewis seems to think that the administration, the New York A.G.'s office, and the American people won't decide to punish him and his bank for his flagrant, more-than-$5,000-an-hour plane flight. Or about his refusal to answer questions about the bank's bonus structure even though his bank is owned by the American people. Maybe he's right, or maybe he thinks that people will buy his argument that his time is worth that much. I have to break something to everyone: Bank of America would continue to function entirely fine if Ken Lewis was on a commercial plane for two hours. In fact, after this idiocy, I would venture to say that Bank of America would continue to function better if Ken Lewis was on a commercial flight for the rest of his life. I hope he is in coach next to really fat people with crying babies.