Ken Lewis flies coach from Charlotte to DC to testify, with other banker CEOs, before a Congressional committee. He will get a tongue-lashing for sure, will we get a mea culpa? I'd love to see Lewis cornered and forced to come clean on the Merrill/BofA merger and bonus mess, but that may be asking for too much. Reportedly Jesse Jackson is "in the house"; will he provide any dramatic flair?
The Congressional Committee testimony replacing the Annual Shareholder Meeting as THE Reporting Event for these banks? Hmmm.....Bankers presenting their investment strategy and results (vis a vis TARP and TALF funds) before stakeholders (taxpayers -- Congress by proxy) with the individual disgruntled shareholders (Jesse Jackson and protesters) providing some noise but remaining inconsequential to the outcome.
Like the Shareholder Meeting, these proceedings will provide some contrived theatre, but not change the current bank business model trajectory in any meaningful way. And as far as drama, it's the CEOs getting there (via commercial transport) that will provide all the fun.
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