Ken Lewis

  • Ken Lewis house

    News

    Ex-BofA Chief Ken Lewis Unloads Bro Pad

    The 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 […]

    / Dec 2, 2014 at 1:07 PM
  • ken-lewis

    News

    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 […]

    / Mar 27, 2014 at 2:51 PM
  • ken-lewis

    News

    Losing Any Credibility Whatsoever Not Such A Bad Thing For Ex-Bank CEO Who Wanted Nothing More Than The Time To Curl Up With A Good Book

    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 […]

    / Sep 9, 2013 at 1:20 PM
  • kenlewisbathroom

    News

    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.

    / Feb 6, 2013 at 4:43 PM
  • ken-lewis

    News

    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.

    / Jan 23, 2013 at 5:24 PM
  • brianmoynihanbofa

    News

    Are You A Financial Services Company Stuffed To Gills With Toxic Assets And/Or On The Verge Of Bankruptcy? Don’t Hold Your Breath For Brian Moynihan’s Call

    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?

    Sadly for fans of the Lewis Era/style of doing business, not so much.

    Mr. Moynihan said in response to an audience question [at the bank’s two-day investor presentation conference for financial companies at the Plaza hotel] that the bank has “no acquisition plan at all.”

    BofA’s Moynihan Says Fiscal Cliff Impact Already Happening [WSJ]

    / Nov 13, 2012 at 12:40 PM
  • News

    Bank Of America Briefly Considered Unburdening Itself Of The Drunken Mistake That Was Countrywide

    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.

    Long before Sanford Weill suggested last week that big banks should split up, Bank of America executives and directors considered the idea and then decided against it, said people close to the nation’s second-biggest bank by assets…Chief Executive Brian Moynihan and his team looked at a possible bankruptcy of Countrywide Financial Corp., the troubled mortgage operation it purchased in 2008. Management also studied whether it made sense to break off Merrill Lynch, the securities firm it purchased in 2009. Mr. Moynihan ultimately recommended to his board that neither action made sense. The company decided Merrill had become too big of a profit center and splitting it off could expose the brokerage firm to the sort of funding problems that killed off other Wall Street firms in 2008. Meanwhile, it felt bankruptcy of Countrywide might invite more legal and reputational troubles for Bank of America while exposing other subsidiaries to problems.

    Bank Breakups, Not So Fast [WSJ]

    / Jul 30, 2012 at 2:35 PM
  • News

    Bank Of America Wins (Unofficial) Deal-Making Award For Remarkable Achievement

    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.

    Bank of America thought it had a bargain four years ago when it paid $2.5 billion for tottering mortgage lender Countrywide Financial Corp. But the ill-fated decision has already cost the Charlotte, N.C., lender more than $40 billion in real-estate losses, legal expenses and settlements with state and federal agencies, according to people close to the bank. “It is the worst deal in the history of American finance,” said Tony Plath, a banking and finance professor at the University of North Carolina at Charlotte. “Hands down.”

    Bank Of America’s $40 Billion Mistake [WSJ]

    / Jun 29, 2012 at 1:53 PM
  • News

    Ken Lewis Just Wanted To Protect Shareholders From Worrying About Merrill’s Massive Losses

    There are two competing theories of how companies should be governed; one says that management should have a lot of leeway to do what it thinks is best and shareholders should keep quiet and, if they’re unhappy, maybe sell their shares; the other says that shareholders own the company and anything that stands in the […]

    / Jun 5, 2012 at 8:54 AM
  • News

    No One Told Ken Lewis Shareholders Needed To Know About Merrill’s Massive Losses, Okay?

    Remember in 2008, when Ken Lewis was all, “Oooh, wait, I don’t know about this Merrill Lynch thing, it looks kinda bad, I don’t think I want to buy it anymore, I’m nervous [bites nails, shifts weight from one foot to the other like he has to pee]” and tried to back out of the deal? And Hank Paulson threatened to stuff him in a meat locker if he did so Lewis said okay, fine, I’ll buy it and then did, without mentioning anything to shareholders about Merrill’s impending losses? Well 1) People are still upset about
    it but 2) Ken was under the impression shareholders were on a need to know basis.

    Top executives at Bank of America Corp did not tell shareholders just prior to a 2008 vote on its purchase of Merrill Lynch & Co that losses were mounting and expected to weigh down earnings for years, papers filed in private shareholder litigation show. But the bank and former Chief Executive Kenneth Lewis said in their own court papers that they should not be liable to shareholders who claimed to have lacked information they needed to vote on the once $50 billion merger. Lewis also said he had been advised by the bank’s law firm and chief financial officer that no disclosure was necessary.

    No further questions.

    BofA masked Merrill loss before 2008 vote: filings [Reuters]

    / Jun 4, 2012 at 1:40 PM
  • News

    Bank Of America Investors Still Don’t Feel Properly Compensated For Having Merrill Lynch Rammed Down Their Throats

    Remember in 2008, when Ken Lewis was all, “Oooh, wait, I don’t know about this Merrill Lynch thing” and tried to back out of buying the bank? And Hank Paulson threatened to stuff him in a meat locker if he did so Ken Lewis said okay, fine, I’ll do it? BAC investors are still upset about that.

    Bank of America directors’ $20 million settlement of investor lawsuits alleging the bank overpaid when it bought Merrill Lynch & Co. amounts to just 4 percent of the board’s $500 million in insurance coverage and is inadequate, lawyers objecting to the accord said. Attorneys for Bank of America shareholders suing in Delaware over the $50 billion acquisition of Merrill Lynch have asked a judge in that state to keep their claims alive even though a federal judge in New York is considering a $20 million settlement of almost identical suits brought by other bank investors. If that accord is approved, it could wipe out the Delaware claims. “The proposed settlement is grossly inadequate and represents only 0.4 percent of the value of the $5 billion derivative claims that the Delaware Derivative Plaintiffs have been vigorously pursuing,” lawyers for the Delaware investors said in a Delaware Chancery Court filing late yesterday. The settlement also amounts to “only 4 percent” of available insurance, they said.

    Disgruntled shareholders contend the board and former Chief Executive Officer Kenneth D. Lewis misled them about the brokerage firm’s losses leading up to the buyout and should have pulled the plug on the deal. Lewis, who left Bank of America in 2009, is now chairman of Chicago-based LaSalle Bank NA.

    [Bloomberg]

    / Apr 27, 2012 at 6:05 PM
  • News

    Bank Of America Protestors Wax Nostalgic For Ken Lewis

    Protesters outside the Bank of America Bryant Park building, where the firm’s annual meeting is taking place today and where they are taking issue with the bank’s mortgage issues.

    / May 11, 2011 at 12:56 PM
  • News

    Brian Moynihan Hits Ken Lewis Where It Hurts

    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 […]

    / Mar 8, 2011 at 9:49 AM
  • News

    Missing Ken Lewis In Your Life?

    Does it feel like it’s been so long you can hardly remember what his sweet drawl and slight stammer sound like? You get a little reminder here, with his Financial Crisis Inquiry Commission testimony.

    / Feb 23, 2011 at 10:18 AM
  • News

    Which ‘Very Powerful, Highly Respected Banker’ Did Donald Trump Allegedly Have To Carry Out Of The Waldorf Because He Was So Hammered?

    Here’s what the Don said last night on CNN’s “Piers Morgan Tonight” when asked about mingling with sauced up members of the business community: “There’s a banker — and obviously I’m not going to mention names…I’ll never forget a very respected banker, highly respected. And he was making a speech at the Waldorf Astoria. And […]

    / Feb 10, 2011 at 10:15 AM
  • News

    Is Ken Lewis The Guy You Want Vouching For You?

    Pop quiz, kids. Do you have a short list of people you can call in the event you need someone to provide bail, to wriggle you out of a dicey situation, or to speak to your character with authority/otherwise vouch for you? I know I do and all of them are individuals who are wealthy, […]

    / Jan 4, 2011 at 5:02 PM
  • News

    Peter Kraus’s Fabulousness Cost Him A Gig At The Newly Formed Bank of America Merrill Lynch

    While the financial crisis has wreaked havoc on the lives, careers and bank accounts of many, it’s actually been pretty sweet for former Goldman executive Peter Kraus. After leaving Goldman in March 2008 he collected $25 million for a few months of work at Merrill Lynch and then took his current job as chairman and […]

    / Nov 19, 2010 at 2:17 PM
  • News

    Brian Moynihan Is Having A Tough Time

    When Brian Moynihan took over as CEO of Bank of America, i.e. the job no one wanted, he knew he wouldn’t have the prestige or money associated with running Goldman Sachs, or the groupies that come with heading up JPMorgan. But at the time, he probably figured it’d at least be better than being the […]

    / Nov 16, 2010 at 1:42 PM

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