Ken Lewis

  • 02 Dec 2014 at 1:07 PM

Ex-BofA Chief Ken Lewis Unloads Bro Pad

Ken Lewis houseThe home was listed in 2009 for $3.3 million and has been on and off the market; it was most recently listed in February for just under $2.5 million, and is under contract for “close to asking,” said listing agent Sally Papineau of Spring Island Realty. The buyer is from Chicago and works in the finance industry, she said. Located in Spring Island, a luxury residential community in South Carolina’s Low Country, the home is co-owned by Mr. Lewis and Dennis Thompson, the founder of the Charlotte, N.C.-based restaurant operator Firebirds International. They bought the property for $3 million in 2002, according to public records. Mr. Lewis said he and Mr. Thompson “have been good friends for a long time,” and decided to buy together, along with their wives, in part because they often golfed in the area. They decided to sell because they don’t use it as much as they would like. [WSJ via BI]

  • 27 Mar 2014 at 2:51 PM

Ken Lewis To Continue Cooling His Heels For A While

Bank of America Corp. and former Chief Executive Kenneth Lewis took big steps to put the financial crisis behind them by paying state and federal agencies to settle lawsuits over the acquisitions of Countrywide Financial Corp. and Merrill Lynch & Co…Mr. Lewis agreed to pay $10 million and accept a three-year ban from work at any public company as part of the New York settlement. Bank of America will cover Mr. Lewis’s penalty, according to people familiar with the deal. Mr. Lewis neither admitted nor denied wrongdoing. [WSJ]

Over at the Wall Street Journal today you will find a “Where are they now?” round-up of what “The Cast of the 2008 Financial Crisis” has been up to of late. Most of the entries mention books (Paulson, Geithner), current jobs on Wall Street and with the government (Thain, Bernanke, Steel, Dimon, Weinstein, Paulson), low-profiles and responses of “No comment” (Cayne, Mozilo, Fuld, Diamond). While lawyers for former BofA chief Ken Lewis did not get back to the Journal, “someone” close to the guy did offer this delightfully quaint update, which actually sounds like it was intended for his college’s alumni magazine or the Lewis family newsletter. Read more »

  • 06 Feb 2013 at 4:43 PM

Ken Lewis’s Great Idea Pad Sells For $3.15 Million

They said it couldn’t be done. They said it didn’t matter if it was $4.5 million or $2.5 million or if they were giving it away. They said potentials buyers wouldn’t be swayed by the pitch to “sleep where Angelo Mozilo hath slept, after a few too many troughs of Boone’s farm” (AKA “The Mozilo Bedroom”), or to impress guests with the cocktail party fodder that “that chair you’re sitting in right now the very one Ken Lewis was sitting in when he decided to buy Merrill Lynch, can’t get better investing karma than that.” They said the vomit stains on the rug would not be a selling point. They were wrong. Read more »

  • 23 Jan 2013 at 5:24 PM

Ken Lewis Is A Movie Producer Now*

If it feels like it’s been forever since we’ve heard from Ken Lewis it’s because it has. Following his retirement in 2009, the former Bank of America CEO went underground to do some soul-searching. To figure out what made Kenneth D. Lewis tick. Did he want to want to be a CEO of another company? Did he want to get involved in another industry entirely? Did he want to grow a beard again? Did he want to be a shepherd? These are the questions that needed answers and today, finally, we’ve got some. No word on the beard but it appears that for now, Lewis is staying away from Wall Street and pursuing another passion: the movie business. Read more »

Time was, Bank of America loved buying companies. Bonus points if there was a not-so-subtle suggestion by the target’s CEO that BofA would one day be very sorry for doing so, or that they would’ve been better off picking up an asbestos manufacturer, or that they were looking at roughly $40 billion (and counting) in legal fees associated with fuck-ups that were to become Bank of America’s problem, or that they would have night terrors for the rest of their lives about signing those papers. As it’s been a while since BofA went shopping, some in the financial services industry have been wondering if we can expect any announcements re: big deals anytime soon or if Ken Lewis’s unsolicited suggestions (Groupon, Sino Forest, The Thirsty Beaver, and most recently: “a P&C insurer with outsized exposure to the Northeast”) are or have ever been under consideration. Read more »

And then decided that sticking with the “worst deal in the history of American finance,” which has cost it $40 billion in cleanup so far, made them at least look like responsible adults, facing the consequences of their actions, rather than deadbeats trying to take the easy way out. Read more »

Remember when Bank of America bought Countrywide in 2008 and CFC Chief Executive Officer/Oracle Angelo Mozilo said they wouldn’t be sorry and it wouldn’t be long before BofA would “reap what Countrywide hath sowed“? He wasn’t kidding and now, finally, BAC and Ken Lewis, the guy who had the foresight to do the deal, are having their vision and skills recognized. Read more »