It's Always Funny When the Wives Get Involved - BofA Edition

I'll be back to posting regularly after the holidays. For now, enjoy this juicy little tidbit about Dick Fuld getting punked by Donna Lewis (wife to BofA CEO Ken Lewis).

From Clusterstock.com

Our favorite part of The Journal's big demise of Lehman story? Right at the beginning, the part about the wife of Bank of America CEO Ken Lewis telling Dick Fuld to stop calling their house:

Desperate to avoid steering his 25,000-person company into bankruptcy proceedings, Mr. Fuld dialed the Charlotte, N.C., home of Bank of America Chairman Kenneth D. Lewis. His calls so far that weekend had gone unreturned. This time, Mr. Lewis's wife, Donna, again picked up, and told the boss of Lehman Brothers: If Mr. Lewis wanted to call back, he would call back.

Mr. Fuld paused, then apologized for bothering her. "I am so sorry," he said.

You know Ken was standing right next to her saying: "You answer it, tell him I'm not here!" And which one of them leaked this tidbit?

My comment: Is this 2008 Banker of the Year behavior? CEO not returning another 's call, then having your wife field and deliver your non-response messages? Well, maybe I spoke too soon - less a commentary on Ken and more on Donna? (see USA Today write-up on Donna Lewis's past life as a BofA executive secretary.

In Honor of My Parents - A Big Happy Anniversary

To my parents, currently residing abroad, we give you a big hug and wish you a happy anniversary.

Duke Energy's Rogers Being Considered for Obama Administration - Updated

Per the Washington Post, Is Charlotte-based CEO of Duke Energy, Jim Rogers joining the Obama administration?

The Obama transition team, moving along smartly to fill Cabinet posts, is planning to trot out nominees as early as next week for three jobs much watched by enviros: the secretaries of energy and the interior and the administrator of the Environmental Protection Agency.

A cast of luminaries have been mentioned, including Duke Energy executive Jim Rogers, former Energy Department official Dan Reicher, former top Clinton White House environmental aide Kathleen McGinty, FedEx chairman and Republican backer Fred Smith, New Jersey utility chief executive Ralph Izzo, and Rep. Jay Inslee (D-Wash.).

Update: Per MSNBC, Obama will name Steven Chu his choice for Energy Secretary, Lisa Jackson for EPA administrator and Carol Browner as energy "czar" reporting to the President.It is unclear whether the Browner position is cabinet level.

Rogers gets nothing.

Government Fans Flames of BofA Controversies - Updated

Bank of America is today contending with two separate controversies And wrestling with the state of Illinois and the federal government about each of these issues. It seems that these Governments are now in the business of advising BofA on its credit risk business and its executive compensation plan:

1. Illinois Governor Suspends Business With Bank Of America pending resolution of the Republic Windows & Doors.

Illinois Governor Rod Blagojevich announced Monday that he is asking all Illinois government agencies to suspend business with Bank of America. Blagojevich contended that Bank Of America received a multi-billion dollar bailout from the government and should accordingly restore credit to the Republic Windows & Doors company in Chicago

Excuse me, but what does the Governor know about the terms this loan and the credit worthiness of this business? How did BofA become the villain in this employment problem? Misdirection by Governor, as the employees and union members beef should be with Republic, no?

2. Sen Reid Urges Merrill To Reject CEO Thain $10 Million Bonus Request .

Senate Majority Leader Harry Reid, D-Nev., urged Merrill Lynch (MER) to reject its chief executive John Thain's request for a $10 million bonus at a time when the bank is benefiting from millions of dollars of taxpayer money through the financial rescue package. The Wall Street Journal reported Monday that Thain requested that Merrill's board pay him the bonus, but that board members are resisting doing so.

I'm happy the Board is fighting Thain's compensation - that's where the battle and discussion should be; I hope they stay strong and deny Thain his millions. Why Reid has inserted himself is pure political posturing.

How is this happening? Nobody could have predicted that politicians would politicize the bailout and all issues emanating from it. Nobody. (insert sarcastic snicker!)

Update: CNBC: John Thain Will Not Receive Bonus This Year

Econobloggers 1, Mainstream Media 0

As someone who's benefited from the knowledge and writing on the econoblogs listed in the Boston Globe article "So You Want to Save the Economy?," I feel compelled to acknowledge them here with a shout out.

Many of these bloggers are on my Blog Roll and these "dirty, hippie bloggers" have been collectively spot-on in forecasting the economic collapse that is unfolding. These economic experts also came together with one voice to say that Paulson had generated a stinker of an expensive and ultimately, ineffective TARP bailout plan.

This is in sharp contrast to many monetary policy makers and economists in the mainstream media, who both were completely surprised and caught unaware by the current financial trainwreck, and then pushed and promoted TARP as our best hope for avoiding a financial downturn.

Who was right?

Lastly, I call attention to reports of the bankruptcies and worsening balance-sheet conditions at many newsprint and traditional media companies (see New York Times, Tribune Company financial woes). There are many reasons for their financial troubles, to which I'd include diluted, dumbed-down news analysis and a general slippage in editorial standards and news coverage.

In the evolution of news, more readers are plugging into Internet(including blogs), traditional media is suffering and, print media will become a shadow of its former self.

This Year, The Haves Should Only Gift the Have Nots

This Christmas season will be, economically speaking, one of the toughest for many Americans. It is an opportunity for us to reject the orgy of materialism (and distill seasonal giving down to its essence. That is, to promote peace and good will among our neighbors, most importantly those in the most need.

From Huffington Post's Black Friday At Wal-Mart: The Cost Of Crazed Consumerism

Here are some experiential gifts you might consider giving this holiday:

1) Give an authentic acknowledgment to the people you love.
2) Look them in the eyes and tell them who they are for you.
3) Open up communication with someone with whom you've had a misunderstanding.
4) Apologize to someone you've unfairly judged.
5) Extend kindness to a stranger or offer support to someone and expect nothing in return.

This, I believe is the true spirit of not only this time, but of these times. As never before, we are called to reconnect with what matters. Let this holiday season be a beckoning for you to summon up the "greater angels of your nature," to come forward with the gift of your authentic presence and offer yourself as the priceless gift you are. Presence is a "being" thing. No credit cards or cash required.

2008 Holiday Giving Guide Database (courtesy of Charlotte Observer)

BofA Pink Slips - REPOST

REPOST - Did I say 10,000? It looks like more that 35,000 jobs to be cut (over three years)!

Depressing news from Bloomberg, "BofA To Cut 10,000 Investment Banking Jobs"

Bank of America can be expected to cut at least 10,000 investment banking jobs as it moves to absorb Merrill Lynch, sources have told CNBC. The layoffs will start before the end of the year and possibly as soon as this week.

This will probably impact BofA/Merrill Lynch New York offices more so than Charlotte headquarters. Still.....