New York Attorney General Andrew Cuomo’s office is gathering information in order to file fraud charges against some BoA executives over what they knew, and what they hid, when they acquired Merrill Lynch & Co. a year ago. Earlier this week, his office subpoenaed 5 board members to find out “what they knew regarding the mounting losses and bonus payments at Merrill before the deal closed on Jan. 1 and what role they played in deciding whether to disclose that information to shareholders,” according to the Associated Press.
CEOs
Frontline Examines The Bank Of America/ Merrill Lynch Merger
By 6.17.09
The merger between Merrill Lynch and Bank of America was sold to us as a marriage made in heaven that would save the financial system. It wasn’t, and it didn’t. Now Frontline takes a closer look at the now-infamous debacle that cost tax payers billions — and CEO Ken Lewis his chairmanship.
Bank Of America CEO: We Had To Acquire Merrill Lynch To Save The Economy
By 6.11.09
Are you a Bank of America shareholder who is angry at CEO, (and former chairman of the board) Ken Lewis for going ahead with the Merrill Lynch deal? Well, you’re just mean. It wasn’t his fault. At least, that’s what he’s just testified before the House Committee on Oversight and Government Reform.
Current And Former Walmart CEOs Shop At Target
By 6.4.09
Fortune has an interesting article about a Target that opened up in Walmart country. The store is located about seven minutes from “Wal-Mart No. 1”, the first Wal-Mart ever built, and 20 minutes from Walmart’s headquarters in Bentonville, AR. At first, Target was concerned that the Walmart faithful wouldn’t shop at their new store — but they worried needlessly. Apparently, former CEO Lee Scott and current CEO Mike Duke are regulars.
The CEO Of Delta Reveals His Secrets
By 4.27.09
Richard Anderson, the CEO of Delta Air Lines, was interviewed by the New York Times and shared his tips on hiring (ask about their family life), running meetings (no Blackberries!), and dealing with customers: “I find myself, more and more, writing hand-written notes to people,” he says. “I must write a half a dozen a day.” These are apology notes, we’re guessing.
Home Depot Steps In When GE Gives You The Warranty Runaround
By 4.20.09
Reader Chris bought a GE hot water tank from Home Depot, only to find out that it was broken. He noticed a sticker on the back telling him to call a 1-800 number for warranty repair rather than returning the tank to the store. So he did. And he got the runaround.
Treasury Secretary Is Cool With Firing Bank CEOs
By 4.6.09
Hey, bank CEOs! Need “exceptional” help from the U.S. Government? Get ready to be fired. Treasury Secretary Tim Geithner told “Face the Nation” that he was open to firing bank CEOs in much the same way that GM chief Rick Wagoner was recently shown the door.
56% Of MBA Students Cheat Regularly
By 3.16.09
“A study of cheating among graduate students, published in 2006 in the journal Academy of Management Learning & Education, found that 56 percent of all M.B.A. students cheated regularly – more than in any other discipline. The authors attributed that to “perceived peer behavior” – in other words, students believed everyone else was doing it.”
By 3.13.09
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AOL Has A New CEO AOL has named Google Senior Vice President Tim Armstrong as its next chairman and chief executive officer. Current Chairman and CEO Randy Falco and Chief Operating Officer and President Ron Grant “plan to leave the company after a transition period,” Time Warner said in a statement. [UPI]
By 3.2.09
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6 months was enough for Freddie Mac Chief Executive Officer David Moffett. He’s outta here. [Portfolio]
How A CEO Can Live On $500K A Year
By 2.10.09
Private school: $32,000 a year per student. Mortgage: $96,000 a year. Co-op maintenance fee: $96,000 a year. Nanny: $45,000 a year. We are already at $269,000, and we haven’t even gotten to taxes yet.
By 1.21.09
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Update your address books: Best Buy’s CEO Brad Anderson will retire in June, and Operating Chief Brian Dunn will replace him. [Bloomberg]
By 1.4.09
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The New York Times has an article discussing Congressional proposals to limit executive pay. Although the financial industry may deserve a pay cap, the author argues, other industries would be harmed by a cap.
Executive Email Carpet Bomb Pounds DirecTV Into Submission
By 12.17.08
Reader Jesse was having an awful time explaining a simple problem to DirecTV. Thankfully, the EECB (Executive Email Carpet Bomb) was just the thing.
Letter To Bank of America CEO Results In Waived Overdraft Fees, Joy
By 10.16.08
Luisa accidentally overdrafted her checking account with Bank of America, but found that no matter how much money she put in — it was being eaten up by the fee monster that lurks at the bottom of her account. It has big yellow teeth and glowing eyes and only the CEO can control it… Rrraaawwwrrrr……..
Beware The CEO Panhandlers
By 10.10.08
Enjoy your weekend, and mind your pockets when you’re out and about.
5 More Wall Street Dudes Who Deserve A Punch In The Face
By 10.7.08
WallStreetFighter has listed 5 more Wall Street dudes that deserve the old “Dick Fuld” right in the face. Guess which Wall Street loser is most punchable?
Dear New Circuit City CEO: Here's How To Fix Your Stores
By 10.1.08
Yesterday, we asked you to tell us how Circuit City’s new CEO should fix his stores. It’s been a troubled few years for Circuit City. Before the former CEO resigned last week, he’d embarked on an expensive and drastic “turn around” plan that, well, let’s be honest — failed.
