The Warren Buffett purchase of Bank of America stock must, to a major degree, be a bet on new Bank of America president and CEO, Brian Moynihan, since the bank is in terrible shape.
Moynihan was interviewed this evening in Washington D.C. at the 2011 Washington Ideas Forum. He was interviewed by Larry Kudlow.
Kudlow drilled Moynihan from start to finish and Moynihan sat there like a marshmallow. I have never before seen such a poor performance by a CEO.
The man has no balls, no ability to think on his feet and couldn't lead a bunch of mice to cheese. The idea may come to Howdy Doody Buffett, when he is in the bath tub, or when he is on the can, but he will replace Moynihan in no time.
I'll post the video of the sad interview, when it is available.
Buffet is a shrewd deal maker. My guess is that there is some sort of 'death-spiral' clause in the t&c's. You also know his shares have to be trust preferred as well. He may end up owning the entire bank for $5billion. His buddy Obama will bail out BofA and place Buffet temporarily in charge to play it off as benevolent Warren saves the day again.
ReplyDeleteBofA is a hazardous waste dump and the guy who took over for the incompetent, preening buffoon Ken Lewis is an incompetent, dazed and confused marshmallow.
ReplyDeleteCoincidence? Or did the higher-ups want someone who is just idiotic enough to be oblivious to what's going on around him in charge, but not so idiotic that he can't pass off as CEO of a Fortune 500 company (doesn't take much, btw)?
There's a lot of dead bodies under the porch they've got to move around. Helps when the homeowner is blind, deaf, dumb and has no sense of smell.
Brian Moynihan is a yes man talking head. Period.
ReplyDeleteMost hated bank? For me it's easy. Not BAC or GS.
ReplyDeleteIt's JPM.