Live-Blogging The BAC Townhall

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Announcer (in the most ridiculous announcer-ly voice I've ever heard): Please welcome Briannnnn Moynihannnnn, president of global banking and global wealth and investment management!
- We have to stay focused on our clients.
- How did I get here? In the old days I was a lawyer [goes through all the other jobs he's had since then], and then they asked me to do this.
- A transition of this magnitude has never been attempted
- One of the toughest markets any of us will ever face in our business careers
- People keep telling me, like the old baseball adage, "Wait til next year." But we have to keep performing.
- We've had to reduce staffing, which was unpleasant.
- We've had to reduce compensation
- We've had to defer compensation
- We've had too many media stories
Let's talk about our accomplishments:
- We stabilized the mortgage market when we bought Countrywide
- We've created a great franchise with Merrill Lynch
- We've lost the superlatives to describe to clients how to navigate the markets. That's why we need Mr. Sontag.
Turns the mic to Sontag.
- Introduces a bunch of names, one of whom is described as "the guy who gave me all my bad ideas." Nelson Chai, etc.
- You, our team, bring our services to our clients.
- You do it, by leaving nothing to chance.
- The press is fascinated with everything we do.
- People are questioning our integrity and our ability to do business...[what I have to say to them] is, we made 4 billion dollars last year.
- Some guy named Bruce, head of capital markets, talks about Q4
- I don't want to talk a lot about Q4, cause it was ugly.
- At a time when they (who are you calling 'they'?) said banks weren't lending, WE DID
- It's more strategically compelling than ever for bringing BAC and MER together.
[A bunch of guys are trotted out in a dog and pony show, made to say what new and exciting things they have in the hopper for '09]

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