Tom Brown's Bankstocks

Tom Brown's Bankstocks - Tom Brown's Bankstocks.com...

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Memo to BofA Directors: Shame on You How can you sit around and let the lying and mismanagement continue? Thomas Brown ( about me ) Posted Today bankstocks.com [email protected] To: Bank of America’s Board of Directors Fr: Tom Brown Re: Your gross negligence What in the world can you people be thinking? Name me another CEO of a large financial institution who, after running his company into the ground as thoroughly as Ken Lewis has done at BofA, still has a job. Chuck Prince? Nope. Stan O’Neal? Nope. Yet the disaster Lewis has presided over has to be comparable to what went on at Citigroup and Merrill Lynch. Why, for long-term consistency of lame-brained, shareholder-unfriendly decision-making, Ken could be in a league by himself. The only thing that might have prevented Lewis from wreaking the havoc that he has is you—and you blew it. You’ve proven—yet again—that you’re no friend to the shareholders you purportedly represent. Instead, you’ve let Lewis get away with the following: He’s destroyed value via poorly-thought-out, overpriced acquisitions; 1. He’s made materially deceptive public disclosures; 2. He’s consistently generated poor financial performance; 3. He’s built a senior management team of yes-man and yes-women who don’t have the cojones to stand up to him, let alone run a public company on their own. 4. Each of you deserves your share of the blame. I am particularly disappointed, though, in the performance of one board member in particular: my old pal, Chad Gifford. Chad has had a long and admirable career in the banking industry, and should have seen this train wreck coming a mile away. He was the president of Bank of Boston when it had major loan problems in the late 1980s. Back then, Chad rolled up his sleeves did what needed to be done to deal with the bank’s problems. He became
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Tom Brown's Bankstocks - Tom Brown's Bankstocks.com...

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