Brian Moynihan

  • 10 Aug 2011 at 12:45 PM

Dick Bové Can’t Stomach The Idea Of Brian Moynihan Spending An Hour With Another Man

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As you may have heard, today at 1PM Bank of America take part in a conference call held by Fairholme Capital manager Bruce Berkowitz to talk business. Most people who comment on such things have reminded us of the last bank executive (first name Erin, last name Callan) to hold a conference call while business is being called into question and where she is today. And while the people who follow such things are interested in the call, you couldn’t exactly say they care in an “I’m emotionally invested in this whole thing and I am freaking the fuck out” sort of way. Then you have Dick Bové. The Rochdale analyst is straight up losing her mind that Brian Moynihan would even entertain the thought of getting on the phone with Berkowitz and has spent the last 24 hours pleading with him to reconsider. This is what she had to say last night on Fox Business:

Mr. Moynihan’s credibility has fallen dramatically because the company made certain statements concerning what their losses would be in the mortgage sector and what the earnings might be going forward, and all of those promises have not been kept. It is very difficult for Mr. Moynihan to convince investors what he says is correct. Having an hour presentation is a terrible mistake; if I tell you as a CEO I don’t need equity, I don’t need shareholders. He should not do this meeting tomorrow. There is very little he can say other than ‘I will increase the dividend, that will get the stock to move higher.’

Now, if this were any other analyst, we’d tell Bri-Moy to ignore it and do what you gotta do. Knowing Bové, however, we urge you to get out of this call immediately. Think she sounds angry now? If you go through with this meeting you will find out that hell hath no fury like a chafed Dick. Don’t believe us? Allow us to refresh your memory as to how she reacted the last time a bank got cozy with someone while she sat home alone. Continue reading »

  • 09 Aug 2011 at 1:06 PM

Brian Moynihan May Want To Look Into Buying Some CDS

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It’s sort-of-good-news day at BofA, with Dick Bové declaring that if he were hypothetically buying bank stocks he’d hypothetically load up on BAC. In that tradition, footnoted.com has a nice note pointing out that, with the stock down 20% yesterday, Brian Moynihan looks less like a shareholder and more like a bondholder. Which at this point is – yeah, sort of good.

As they explain:

That’s not because Moynihan has been selling a significant number of shares — he still owns 481,806 shares, up 7% from a year ago, plus heaps of options and restricted shares that he may get title to eventually. Even at today’s depressed prices, the shares he actually owns are worth something like $3.4 million.

But BofA also owes Moynihan a bundle, in the form of pension and deferred-compensation promises. Unlike retirement benefits for the rank-and-file, executive benefits typically don’t actually reflect cash set aside in a dedicated pension fund or 401(k) account. Rather, they’re nothing more than IOUs — in Moynihan’s case, IOUs worth some $10.7 million as of March 16, according to BofA’s latest proxy, and probably at least a little more by now.

Compare the structure of Moynihan’s claims to his firm’s capital structure. Continue reading »

  • 09 Aug 2011 at 11:08 AM

Brian Moynihan: Nothing Is Fucked

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After yesterday’s nonconsensual relations with the market, Bank of America’s CEO apparently felt it necessary to send a memo to employees today telling them that everything is fine and not only that but “we’re stronger than we were in 2008-2009,” when it was considered a good day if its chief executive officer only needed to be scraped off the floor of Yesteryears Goodtime Pub and not be picked up in the abandoned alley where he was left by the Treasury Secretary after having his legs broken. [CNBC]

  • 13 Apr 2011 at 11:45 AM

Bank Of America Needs Help Coming Up With Cost-Cutting, Profit-Generating Ideas

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In 2010, Bank of America posted a profit of negative $2.2 billion. For 2011, the goal is to stop losing money and start making it, stat. And it’s not just like a wish list, “it would be great if we could do this, if not, no biggie” type goal but a deadly serious one. So much so that it needs a special codename: Project New BAC, an initiative that was unveiled to employees yesterday by Brian Moynihan. Continue reading »

  • 30 Mar 2011 at 2:59 PM

Bonus Watch ’10: Bank of America Chief Exec

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Second year CEO comp down 70 percent. Continue reading »

  • 08 Mar 2011 at 9:49 AM

Brian Moynihan Hits Ken Lewis Where It Hurts

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Heralding a “new era” at the nation’s largest bank, Mr. Moynihan kicked off the bank’s first investor day conference since 2007 promising the bank has no intention of making any more acquisitions and will instead look to cut costs and focus on its customers. “I can’t stress enough to you how much of a peace dividend we’ll get without mergers,” Mr. Moynihan said, adding the bank doesn’t need anything. “That peace dividend is effectively a permanent dividend.” [WSJ]

  • 22 Dec 2010 at 4:33 PM

Dick Bové Isn’t Scared Of Julian Assanage

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And Bank of America shouldn’t be either. Leak anything you want, Mr. Dribbles. There’s nothing you can do that would embarrass this bank more than it’s already embarrassed itself and if you’re thinking of producing pictures of Ken Lewis from his last Christmas party as CEO, passed out face down on the floor of men’s room Chick-fil-A, go for it. No one cares. Continue reading »