Friday, January 16, 2009

"Bank of America" Now a Double-Entendre

First you give a farewell speech, then you hand out the parting gifts. In effect, the Bank of America has become "America's Bank," owned by the taxpayers.

With a new round of turmoil gripping the financial markets, the Bush administration late Thursday night rushed $20 billion in emergency funding for Bank of America.

Just months ago, Bank of America, based in Charlotte, N.C., appeared to emerge as the nation’s top bank after it stepped in on Sept. 15 to purchase investment bank Merrill Lynch. After Merrill’s fourth-quarter results proved worse than expected, however, the acquisition was in peril and investors have fled Bank of America in droves.

Bank of America’s stock lost 40 percent of its value during the past 10 days — shares closed on Thursday in single digits for the first time in 18 years — and the taxpayer money will be used to ameliorate the losses from its acquisition of Merrill Lynch. Chief Executive Ken Lewis called it “deal of a lifetime” when it was announced.

No mention of the resignation of Ken Lewis, nor his Board of Doofusses Directors in the story. Also not mentioned is the $118BILLION guarantee against bad loans made by the Taxpayer's Bank of American.

Just as a matter of interest, the following are Members of the Board/Doofusses:

Lead Director

O. Temple Sloan, Jr.


William Barnet, III, (65)Chairman, President and Chief Executive Officer, The Barnet Company

Frank P. Bramble, Sr. (59)Former Executive Officer, MBNA Corporation

John T. Collins, (61)Chief Executive Officer, The Collins Group, Inc.

Gary L. Countryman, (68)Chairman Emeritus, Liberty Mutual Group

Tommy R. Franks, (62)Retired General, United States Army

Charles K. Gifford, (65)Former Chairman, Bank of America Corporation

Kenneth D. Lewis, (60)Chairman, Chief Executive Officer and President, Bank of America Corporation

Monica C Lozano, (51)Publisher and Chief Executive Officer of La Opinion

Walter E. Massey, (69)President Emeritus, Morehouse College

Thomas J. May , (60)Chairman, President and Chief Executive Officer, NSTAR

Patricia E. Mitchell, (65)President and Chief Executive Officer, The Paley Center for Media

Thomas M. Ryan, (55)Chairman, President and Chief Executive Officer, CVS/Caremark Corporation

O. Temple Sloan, Jr., (69)Chairman and Chief Executive Officer, General Parts International, Inc.

Meredith R. Spangler, (70)Trustee and Board Member

Robert L. Tillman, (64)Former Chairman and CEO Emeritus, Lowe's Companies, Inc.

Jackie M. Ward, (69)Retired Chairman/CEO, Computer Generation, Inc.

If you're looking for a member of YOUR Board, these are people to avoid, at all costs.

Whatever happened to "Duty, Honor, Country," General Franks???

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