Archived

This topic is now archived and is closed to further replies.

monsoon

Rock'em Sock'em in downtown Charlotte

18 posts in this topic

If one believes CNBC, Fox Business News, and WSOC there is meyhem in the BofA stockholders meeting taking place in downtown today. From the reports it sounds like the Kansas City Bombers and the Roller Derby. Anyone have any insight to this?

One note. All of the national news is reporting it as taking place in "Charlotte" and not "Charlotte, NC".

Share this post


Link to post
Share on other sites


From what I read in the papers I would say it was dramatized, but I wasn't there. I did read the twitter updates from the O.

Good news on only using Charlotte in the naming! Baby steps......

Share this post


Link to post
Share on other sites
From what I read in the papers I would say it was dramatized, but I wasn't there. I did read the twitter updates from the O.

Good news on only using Charlotte in the naming! Baby steps......

Share this post


Link to post
Share on other sites

Looks as if Ken Lewis is no longer the chairman of the BOD but remains as the CEO of the bank. I am surprised the shareholders managed to do this part given how the shares are stacked against the common shareholder. Otherwise, it is a non-action.

The people were downtown chanting "BofA you can't hide we can see your greedy side" People are on TV saying they were former employees whose job it was to rip off people for as much as they can when it came to loans and signing them up for loans they can't afford. Charlotte should be proud of such national exposure.

It shouldn't be missed that BofA is going to have to raise more capital in order to say in business.

Meanwhile, BofA, the winner of the 2008 Worst Company of America, is doing very well in this year's competition. BofA has some tough competition this year mostly from it's peer financial institutions, but I am convinced they have the kahonas to win the competition again. Right now they are beating Chrysler to a pulp in the tier 2 battle. See here

wciaboachry.jpg.

Share this post


Link to post
Share on other sites
Meanwhile, BofA, the winner of the 2008 Worst Company of America, is doing very well in this year's competition. BofA has some tough competition this year mostly from it's peer financial institutions, but I am convinced they have the kahonas to win the competition again. Right now they are beating Chrysler to a pulp in the tier 2 battle. See here

Share this post


Link to post
Share on other sites
I think AIG is going to run away with the title this year. Worse, worser, worsest.

Share this post


Link to post
Share on other sites

Charlie "Gasbag"arino said on CNBC this am that Lewis is protected by the "Charlotte Mafia". Basically that all the Board memmbers and local business leaders are protecting him, and that if he was in NYC he would have been ousted completely already.

Charlie prefaced this statement by admitting he was hungover after having 8 martinis last night. Now CNBC is allowing drunks to go on camera!

Share this post


Link to post
Share on other sites

^This actually was a complaint way back when it was still Nationsbank after it had taken over BankAmerica to become Bank of America. The national pundits said there were too many locals in Charlotte, who were clueless in how to run a national sized bank, on the BOD. Of course this did sound like a bunch of sour grapes at the time and of course there were people who never paid attention to this bank until they were all of a sudden a top 5 bank. (and presumably wanted to be on that board) They were shocked and unprepared that Nationsbank had pulled this off.

My guess is the reason that Lewis is still there is who could they get to take the job? Who could they get to take over this dog of a bank now? The current CEO of AIG was appointed AFTER all the mess came pouring out. He volunteered, after being asked, to take the job for $1/year and unfortunately for him he is being incorrectly blamed and threatened for everything AIG did wrong.

It was the same reason the Communist Politburo didn't replace Mikhail Gorbachev when the USSR started to fall apart, rather dramatically in the early 90s. They couldn't find any communists that were willing to take on the risk. Of course the rest is history as it was Boris Yeltsin's revolution that ended that institution. And look at what happened when the Wachovia BOD did toss out their Gorbachev. There was a revolution and now the bank doesn't exist anymore. Just like the USSR. This is why I think the BofA BOD doesn't want to shake things up.

Share this post


Link to post
Share on other sites


True... I'm not sure that it would be a good time to put a new CEO in charge anyway. You can't take the captain off the boat in the middle of a storm. I agree that he shouldn't be Chairman of the Board though. Not b/c of any of the decisions that were made, but b/c it's a conflict of interest. All of his decisions were too easily rubber stamped. As for CNBC and NY related media it's par for the course for them. They are always taking jabs at Charlotte (and any city for that matter) that has a major corporation that aren't based in NYC... When I watch CNBC its usually on mute.

Share this post


Link to post
Share on other sites
It shouldn't be missed that BofA is going to have to raise more capital in order to say in business.

Share this post


Link to post
Share on other sites
Is it raise more capital to stay in business? or raise more capital because the Gueitner Treasury Stress Test tells them to? There is a significant difference between the two that I hope is not lost on reasers here.

Share this post


Link to post
Share on other sites
Charlie "Gasbag"arino said on CNBC this am that Lewis is protected by the "Charlotte Mafia". Basically that all the Board memmbers and local business leaders are protecting him, and that if he was in NYC he would have been ousted completely already.

Charlie prefaced this statement by admitting he was hungover after having 8 martinis last night. Now CNBC is allowing drunks to go on camera!

Share this post


Link to post
Share on other sites

I'm not big on conspiracy theories, but I do find it convenient that it was leaked just 2 days before the BofA meeting that the stress test revealed BofA would need to raise more capital. This comes a week or so after it is revealed Ken Lewis claims he was blackmailed by Bernanke and Geither.....coincidental leak considering test results weren't to be publically revealed until this coming Monday?

Share this post


Link to post
Share on other sites

BofA made it to the final four. Some fine company they are keeping these days. This one is hard to predict though I do think BofA will beat Comcast. Comcast is a pretty nasty company to deal with but they have the advantage that they are not located everywhere so haven't pissed off the entire country.

wciafinalfour.jpg

Share this post


Link to post
Share on other sites


BofA made it to the final four. Some fine company they are keeping these days. This one is hard to predict though I do think BofA will beat Comcast. Comcast is a pretty nasty company to deal with but they have the advantage that they are not located everywhere so haven't pissed off the entire country.

Looks like Bank of America was no match for Comcast as they beat them fairly easily in which company is worst. Ultimately AIG won out against Comcast as the worst company in America so perhaps Bank of America isn't exactly the absolute worst company in the minds of the majority that we're making them out to be.

Share this post


Link to post
Share on other sites

Looking at the recent jump in the stock price I believe that the overdone gloom and doom is starting to pass. Regardless of their business practices (which I hope improve), Charlotte needs this company to stay in business and remain in local.

Share this post


Link to post
Share on other sites

well, maybe its just timing, but i think it was clear AIG would win.

and as someone who goes to lots of concerts, very glad to see ticketmaster make the final four.

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 members

    No registered users viewing this page.