Remember those impetuous, ne’er do well subprime borrowers and those greedy subprime lenders? Writing about them is sooo… 2007 but I’m happy to report that both greed and reckless abandon are alive and well today….
…at Bank of America.
Remember Ken Lewis? He’s that sober-faced, bespectacled CEO of the Charlotte-based behemoth that started out as North Carolina National Bank and the Bank of Italy in San Francisco. Ken has presided over Bank of America since 2001. Since then, he’s been binging on banks like a subprime borrower stripped equity out of the old ranch: He bought Fleet Bank in 2004, MBNA in 2005, and ABN-AMRO, LaSalle Bank, and US Trust Company in 2007.
That wasn’t enough. Like a subprime borrower addicted to Vegas, strippers, and shiny new Hummers, he was having too much fun to see the market turn. What did Ken do while the house of cards was a-tumblin’?
Comments(0)