[ Thursday ]
Bailout Bank CEOs Need to Go
Months into the financial fiasco created in part by Wall Street and the largest financial institutions, this country's taxpayers are still awaiting reform measures and improved government oversight. With the new administration already pressuring one automotive company's CEO to step down (GM's Rick Waggoner), one has to wonder why the big banks weren't first on the list. Afterall, the flawed strategies were ultimately approved at the top.
In the case of Bank of America, it seems that Ken Lewis' tenure as Chairman and CEO should have come to an end months ago. The acquisition strategy of BOA during his stewardship once drove the company's stock price to record highs, but the consumer paid the costly price through fewer choices, reduced competition, lower service levels, and increased banking fees. Bank of America's stock price, which traded in the 50's in recent years, is now in the single digits, and it is time for Ken Lewis to go.
MM [06:34]
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