
Secret insider LOLFed information: starting back last year, right around November or so, Alyx and I started putting together “You’re fired!” images for various CEOs whose jobs might have been in trouble. Kind of like how a news organization will have obituaries written up in advance for old famous people, except we are in no way shape or form a news organization. My Ken Lewis image is one of the oldest, I think the only one that’s been on my computer longer is Bandit’s. Since I just posted this, you guessed it, Ken Lewis is out as CEO of Bank of America.
Oh, how nice it feels to type those words. If you listen closely, you can almost hear Jonathan Finger laughing off in the distance. Neither $BAC nor Kenny are even trying to play this up as a mutual decision on friendly terms, which is nice because I hit my quota on being lied to this morning at about ten-thirty.
Congress, the Securities and Exchange Commission and New York Attorney General Andrew Cuomo are investigating the company. Lawmakers have accused him of misleading investors about year-end bonuses paid to employees at Merrill Lynch & Co. before Bank of America purchased the teetering Wall Street company late last year.
Which is a nicer way of saying, “Dude, you are a giant liability. GTFO.”
Unlike Morgan Stanley’s John Mack, who will be stepping down as CEO at the end of the year but retaining the title of Chairman, Ken is having to turn in his keys to the building and won’t be allowed on company property without an escort after he’s gone. I wonder if he will be escorted out by security and patted down for any stolen office supplies on his last day. I may drive up to Charlotte for that.
With the ink barely dry on Lewis’ walking papers, the rumor-mongering begins on the search for Ken’s successor.
Last month, Bank of America shook up its management team, opening up the field of potential successors to Lewis. Among the most bandied-about names are Brian Moynihan, who heads the bank’s global corporate and investment bank; Thomas Montag, who heads global markets for the bank; and Sallie Krawcheck, who runs the bank’s wealth-management operations.
Personally, I’m rooting for Sallie, and not just because she is the hottest woman in banking since LoLo, Esq., left $C. It would just be nice that, her being 45, there would at least be one bank not run by an old dude. And yes, it is no picnic to do a story on a bank and have to wade through pages and pages of pictures of bank CEOs, who (with the exception of noted sex machine Jamie Dimon) are not the most attractive of creatures. God, I had nightmares for weeks after John Thain.
Plus, Sallie resigned from Dell’s board yesterday, supposedly to focus more on her BoA work. I guess if you’re the new CEO you’d need to focus. Just throwing it out there.


bb // Oct 1, 2009 at 1:22 am
Really sad news. The Association For Cosmetic Dentistry will have to pay for publicity now…
alyx // Oct 1, 2009 at 8:31 am
Hmm. I should print up some “12/31/09: The End Of An Error” bumper stickers…
John Mazzotta // Oct 1, 2009 at 5:14 pm
Poor Ken. How are he and Barbie supposed to get by on 3.5 mil a year?
Rightwingsnarkle // Oct 4, 2009 at 11:18 am
Phew.
When I saw the headline I thought you meant Lewis Black, for some reason…