GOOD RIDDANCE, KENNETH
Remember, Kenneth, when you were in Kindergarten, how some of the kids would suck up to the teacher thinking they may be treated special if they were really, really, really nice to the teacher. Didn't work then, did it?
Then what in the hell were you doing back in the fall of 2008 forcefully arguing that all the financial chiefs should buckle under to the government's demands that the banks and financial institutions should take government money to ease the credit crunch. Were you thinking you will be rewarded in the future by regulators who may go softly on you and the organization? Didn't work, did it?
By December, your new friends in the government wanted to hear nothing about the possibility of backing out of the Merril Lynch deal. You said they forced you to do the deal against your better advise. Didn't work, did it?
When the public was outraged at the bonsus payments, you cried out that you and your organization had no hand in it, that it was done by someone else and that your friends in government knew all about it. Didn't work, did it?
In fact, you and your Board knew of the bonuses, it was part of the deal. Your friends in the government invited you to testify in front of Congress, only this time it was a new Administration, the Administration of the "Hopeful Messiah Obama". Barney Frank, Christopher Dodd and the band of merrymakers called the the democratically- controlled Congress were your new friends. It was payback time. Didn't work, did it?
Through the Spring and Summer, there was one lightening rod, it was you. If any CEO tried to wear the teflon coat it was you. Didn't work, did it? By mid summer, you did not need to know how to read tea leaves to realize you were toast.
Unfortunately, the great things you did for the little bank from the West when your little known east coast bank merged with Bank of America and you began an incredible run as a bank CEO. All that career, up in smoke over one last merger that would create a power house. Yes, congratulations on building a powerhouse financial institution. But, because of some serious missteps in this last acquisition, weak conviction, arrogance, and blame tossing, your successes have been blemished and you will be on the sideline watching as your company realizes the benefits of the Merril Lynch merger nd its large contribution to the earnings.
Oh, by the way, nice kiss-off pay. While your shareholders have seen there value drop significantly and will only recover over the next many years, you will be counting your $69 million exit pay. To bad your options are worthless. With some effort, you probably could have made a ton more money if you thought first about the shareholders and not about yourself. We at least are saved from that indignity, thanks to you.
With that, I say farewell, good-bye, and good riddance.
Then what in the hell were you doing back in the fall of 2008 forcefully arguing that all the financial chiefs should buckle under to the government's demands that the banks and financial institutions should take government money to ease the credit crunch. Were you thinking you will be rewarded in the future by regulators who may go softly on you and the organization? Didn't work, did it?
By December, your new friends in the government wanted to hear nothing about the possibility of backing out of the Merril Lynch deal. You said they forced you to do the deal against your better advise. Didn't work, did it?
When the public was outraged at the bonsus payments, you cried out that you and your organization had no hand in it, that it was done by someone else and that your friends in government knew all about it. Didn't work, did it?
In fact, you and your Board knew of the bonuses, it was part of the deal. Your friends in the government invited you to testify in front of Congress, only this time it was a new Administration, the Administration of the "Hopeful Messiah Obama". Barney Frank, Christopher Dodd and the band of merrymakers called the the democratically- controlled Congress were your new friends. It was payback time. Didn't work, did it?
Through the Spring and Summer, there was one lightening rod, it was you. If any CEO tried to wear the teflon coat it was you. Didn't work, did it? By mid summer, you did not need to know how to read tea leaves to realize you were toast.
Unfortunately, the great things you did for the little bank from the West when your little known east coast bank merged with Bank of America and you began an incredible run as a bank CEO. All that career, up in smoke over one last merger that would create a power house. Yes, congratulations on building a powerhouse financial institution. But, because of some serious missteps in this last acquisition, weak conviction, arrogance, and blame tossing, your successes have been blemished and you will be on the sideline watching as your company realizes the benefits of the Merril Lynch merger nd its large contribution to the earnings.
Oh, by the way, nice kiss-off pay. While your shareholders have seen there value drop significantly and will only recover over the next many years, you will be counting your $69 million exit pay. To bad your options are worthless. With some effort, you probably could have made a ton more money if you thought first about the shareholders and not about yourself. We at least are saved from that indignity, thanks to you.
With that, I say farewell, good-bye, and good riddance.
No comments:
Post a Comment