http://www.bloomberg.com/apps/news?pid=20601087&s…
This joker is saying that we should separate commercial banking activities from IB...didn't he just buy an investment bank? Not exactly a strategic thinker now are you Mr. Lewis.
I honestly don't know how this buffoon still has a job. He is easily the most incompetent CEO on wall street, if not in the US.
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Lewis is desperate for a mulligan after his disastrous foray into investment banking. He thought he was a player, and John Thain showed him what a player really looks like.
Lewis is the ugly girl at the prom who went with the quarterback because of a cruel prank. He's just wishing he could slink back into obscurity.
Huh, KL wanted BofA out of IB
I bet Merrill will have an IPO within a year.
Did you guys read the article? It is titled "Bank of America’s Lewis Says He Doesn’t Support Splitting Banks" after all..
“I was talking about the rhetoric, not physically separating the two,” Lewis said in an interview with Bloomberg Television. “We have an investment bank, we have a commercial bank as well that is the fabric of every community in which it operates.”
Let me get this straight:
-Before 1933 Banks can get involved in ibanking and commercial activities -1933 Glass-Steagall act seperates ibanks and commercial banks -1999 Glass-Steagall repealed, banks can do whatever they want again -2008 The market "forces" ibanks to be backed by deposits, i.e. commercial banks; therefore MS and GS become Bank Holding Companies. -2009 Ken Lewis says ibanking and commercial banking needs to be seperated.
Geeze - Make up your mind!!!
down with SEC, looks like the article has been updated since I first posted it but it still seems as though he's confused himself as to what he believes:
But later he said:
Either way, this guy is busch league. He gets my vote for idiot of the year.
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