Bank of America honcho Kenneth Lewis was given the honor of Banker of the Year by American Banking magazine just last year, but this is 2009: Today BofA posted its first loss since 1991, cut its dividend, and accepted a $20 billion investment from the government and a guarantee of $118 billion. The absorption of Merrill Lynch and mortgage lender Countrywide, both engineered by Lewis, may have been too much to handle. “This thing is unraveling so fast Lewis may know his job is lost,” an analyst told Bloomberg, adding that the management team has “lost credibility.” [Bloomberg]
Photo: Getty Images
- 1. Warning: You Will Cry a Little When You Watch This Oklahoma Woman Find Her Dog in the Rubble
- 2. 20 Things Worth Knowing About Toronto’s Crack-Smoking Mayor, Rob Ford
- 3. 5 Insane Videos of the Tornado in Moore, Oklahoma
- 4. Game of Thrones’ Sophie Turner on Sansa’s Wedding Day and Drunk Tyrion
- 5. Mad Men Recap: You’re Pretentious, You Know That?
- 6. The Era of Private Space Travel Is Just Beginning
- 7. Tramp Stamps: A Self-Fulfilling Prophecy?
- 8. Arrested Development’s 20 Most Meta Meta-Moments
- 9. This Is What a Two-Mile-Wide Tornado Did to Moore, Oklahoma [Updated]