Will the indignities heaped upon Bank of America never end?
It can’t find anybody who is willing to step into the considerable–if dirty–shoes of the inimitable Ken Lewis. Its former CFO just got canned for helping to run GMAC Financial Services into the ground. And now, hedge funds are running as fast as they can from the pride of the Queen City.
Word of Renaissance Technologies’ defection hurts, but it can be rationalized. What do computers know anyway? And did you know that the place is run (for another few weeks) by an old drunk who reeks of stale tobacco?
But this, this is damn nigh impossible to take. The big guy himself, the Sage of Stamford, Mr. Alexandra Cohen, has lost faith. SAC Capital has sold off more than 90% of its BofA stake, dumping 7 million shares during the third quarter. It still owns 600,000 shares, as well as some options, but that’s hardly consolation for the grieving Lewis.
Hasn’t the man suffered enough, Steve Cohen?
SAC Capital Reports 1,494 Positions Worth $10.1B At End Of 3Q [WSJ]