Congratulations to Brian Moynihan, who will replace Ken Lewis as CEO of Bank of America on January 1st. BAC was unsuccessful in hiring a “star industry executive” for the top job because of pay restrictions imposed by the U.S. government.
The move draws to a close what is probably the executive search from hell. They needed to find someone to end the drama so that the bank can get back to regular business, but at the same time I am surprised by their choice. You will have a young and untested CEO running a major commercial bank in the U.S.
Quotation from Tony Plath, UNC/Charlotte
What you have is a payoff when there’s poor performance. But that’s the nature of contracts. There’s such a tremendous risk these days with being a CEO of a major corporation.
Quotation from Charles Peck
[It's surreal, however, when taxpayer monies are needed to complete the contract. Best Wishes, Mr. Moynihan ~Sera]
Wow! There appears to be no end to rewarding bad behavior. I heard that the former CEO of GM is receiving $7.5MM despite being “fired”. I don’t understand it. This shakes the very foundations of our belief in anyone who holds a position of leadership. Very, very sad. The board of directors, clearly, do not represent the stockholders in any of these scenarios. Glad you have shed light on a troubling problem Sera!
Nothing surprises me anymore, but why should we have to bail out the banks/executives ?
i wish somebody would bail me out of my mistakes, perhaps i never showed my ass enuff, it just never occurred to me, guess i’m not as smart as i thought i was…. oh oh, first my husband was going to buy me an iMac for Christmas, then not enuff money, then a camera, then not enuff money, so i’m getting a bed!!! he gave me half of the money for it today, it should be delivered on Christmas eve if i can come up with the other half, i’m so excited coz my back hurts so much in bed
but no, hubby gets no lounging pants… what do you want for Christmas?
HAHAHAHA!
Strange world where guys earn millions or billions with a sad face…
… and millions or billions people have not enough to eat just afetr the bank corner…
They’re overpaid and underworked, power hungry. good for nothing individuals.
the world of bank is unpitying ! but congrats for your new job , i can see you have lot of assets lol
love the photo and the artwork today
Ha ha! It is funny (and by funny I mean sad) the star executives attracted by money were the ones who caused this mess.
I say, cut the salary to something to peanuts and hire someone who with a LOVE and PASSION of banking. Someone who would do the job for free because they love it so much.
Because it seems that attracting people who love the money isn’t working.
Totally cosmic, totally kick-ass…my wish for you for 2110 is that someone with Mula and power actually hire you with big bucks for your strip (you know what I mean) and the political editorial, then I’d know there is some emotional intelligence in this world. Merry Christmas Sera Sweetie x
Fascinating picture at the top. Such life like hands attached to arms and body that look like a stuffed shirt and pants. A banker that jumped perhaps? Banking and financial services are the biggest pyramid sales scam of the lot. Infinite growth on a finite planet. What tosh.
Well this is what happens when “leadership” is bought instead of found. What the corporate world hasn’t seemed to learn is that mercenaries are inherently unreliable. If they bothered to educate themselves and maybe read even a little of what history has to teach us they would already know this. Scary that history has taken such a huge step backwards in the last few decades in just about every level of education. “Those who fail to study history are doomed to repeat it” is going to be this nations grave stone.
OMG! Is that Sarah Palin applying for the job???
According to Bloomberg “I’ve had investment bankers, I’ve had brokers and financial advisers, I’ve had tellers, I’ve had proof operators, which are the people who process all those checks, I’ve had all different kinds of people in my life,” Moynihan said last month at a leadership presentation hosted by Pepperdine University. “And the one truism is the people who actually do the work will tell you what you’re doing right or wrong.”
Are you willing to take note of those telling what you what you’re doing right or wrong Sera?
Best wishes
i listen until my feelings get hurt. then i rebel.
Cornel West in a recent interview reminiscing about the schools that most of our current leaders and bankers have graduated from:
‘One of the things I noticed at Harvard, I always felt as if, at least at that time, many of we young black folk, we had a certain spiritual depth, a certain kind of moral sensitivity that was a source of strength. Even folk who’d been exposed intellectually you got the feeling they might be socially underdeveloped, and spiritually, if not impoverished, on the verge of it. So there was an interesting kind of give-and-take. I use music as one indicator, but there are others. It’s how you relate to people, how you negotiate in context, how you respond to new circumstances, and so forth.’
The image is brilliant Sera, and perfect for your wonderful post! Great work!!!*****
Bwa hahahaahaa! Nice.
Love it Seraphine, don’t forget about the bonus and all the perks too. Imagine how many people’s jobs could have been saved from that one CEO. And really, what do they do for all those big bucks. Excellent image.
I do agree that CEO have major responsibilities. But come on, get real guys – you are way overpaid.
The worse part is, they don’t even realize it because they are not living in the “normal” world anymore. Same goes with politicians who have no idea how much is a bus ticket, a basket of weekly groceries etc.
It’s all such a disaster…
My imaginary interview for this position:
I can guaran-effing-tee you that I can exploit the American taxpayer better, more efficiently, and embezzle more money from my fellow corporations than any other executive alive. My predecessor was minor-leagues. I’m a major leaguer. Embezzler. Stealer champion. And it’s all goes to a good cause. Me.
Did I mention that my work adds no value to the economy? That is an important tenet for a lot of wall street bankers and hedge funds.
You could do a whole series on the messes on Wall Street. I