bank on america
he willingly worked with the u.s. treasury back in the fall because it was his ‘patriotic duty’. today, kenneth lewis, chief of bank of america was removed as chairman. until recently lewis ”was celebrated for his vision. his daring takeover of merrill lynch was the latest in a series of high-profile acquisitions that helped transform bank of america into a national powerhouse….in december, the american banker, the daily chronicle of the banking industry, named him 2008 banker of the year.” now people blame him for everything wrong at the bank (like the plunging stock price and on-going need for government cash). he’s become such a hated figure that people cheered when it was announced he’d lose the chairmanship.
here’s a clip of lewis talking on 60 minutes from just a few months ago–it’s amazing how fast one can fall out of favor. we do love to build them up, but we also love to tear them down.
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