Counterpoint: Merrill Lynch “enhanced risk management before crisis.” Read more »
Point: Guy In Charge Of Merrill Lynch’s Risk Department Knew “Next To Nothing About Risk Management”By Bess Levin
Change is certainly in the air at Bank of America these days. After board members O. Templeton Sloan and Robert Tillman resigned last week, BAC announced that its Chief Risk Officer Amy Woods Brinkley agreed to retire and would be replaced by Greg Curl. This seems to be an interesting choice given BAC’s recent history.
Curl’s primary role at BAC was as a dealmaker and can claim such successes as overseeing both the Merrill and Countrywide purchases. In the words of Kenny Lewis, Curl, “has that natural ability to look at things, see both the upside and the potential pitfalls and then navigate the right course.” Yes, clearly there is a long track record of this given the timing of the Countrywide purchase and complete debacle involved in the Merrill purchase. So the guy that oversaw BAC’s overpayment for Merrill will be bringing the new approach to risk the company so desperately wants. Makes perfect sense.
Bank of America Ousts Head of Risk Oversight [NYT]