Ken Lewis Resigns!

From Clusterstock, Ken Lewis is Stepping Down.  The end of a era at BofA. He did it his way.

Ken Lewis - Houdini Banker

Boom goes the dynamite! From Reuters, Bank of America rejects SEC claims in bonus suit:

Bank of America Corp (BAC.N) formally denied U.S. Securities and Exchange Commission claims accusing it of misleading shareholders about bonuses it let Merrill Lynch & Co pay employees before the companies' January 1merger, and said it is seeking an order dismissing the regulator's complaint.

In its answer to the SEC's complaint, Bank of America maintained that the proxy statement for the merger did not contain false or misleading statements, or omit key facts. It also said it was not negligent in preparing the proxy statement.

And so Ken Lewis escapes this newest SEC dragnet and lives to fight another day. Now, NY Attorney General Cuomo, Judge Rakoff or Congressman Townes, who's up next to try to land a punch against this guy...

Will Ken Lewis Make a Butch Cassidy-like Last Stand?

Sheriff Ray Bledsoe: [to Butch and Sundance] You should have let yourself get killed a long time ago when you had the chance. See, you may be the biggest thing that ever hit this area, but you're still two-bit outlaws. I never met a soul more affable than you, Butch, or faster than the Kid, but you're still nothing but two-bit outlaws on the dodge. It's over, don't you get that? Your times is over and you're gonna die bloody, and all you can do is choose where.

Ken Lewis and Joe Price must be feeling a lot like Butch Cassidy and the Sundance Kid these days. Today at high noon, we'll see what they do now that the FBI, the Atty General of NY and now the Chairman of the Committee on Oversight and Government Reform, Edolphus Townsare are all tightening the noose.

Was It Ken Lewis in the Conservatory with the Wrench?

NY Attorney General Andrew Cuomo is in hot pursuit of Charlotte's BofA (again). Will he land on punch on nemesis Ken Lewis this time? From the hit-and-run financial bloggers at ZeroHedge comes, "Andrew Cuomo Has Had Enough With Bank Of America's Cowardice, Plans On Filing Charges."

Now that Cuomo is on the verge of actually charging someone with criminal misdeeds, the only question remains who: will it be Bank Of America, with the likely fall guy being big man Lewis himself (and what more fitting end to the debacle than Ken going to jail, after being threatened by Paulson and Bernanke with eternal damnation, and deciding not to invoke the Mac clause), OR, will it be Wachtell Lipton's main lawyer, Ed Herlihy, who, as we discussed previously, was instrumental in the arrangement of the ML-BAC transaction.

Bank Of America now has four business days in which to decide, based on its disclosures, who is going to be charged and with what crime.

It's Elmo not Obama So Gather the Children for a Very Special Sesame Street

When parents need to tackle tough, complicated, real-life issues involving their children, who should they turn to? President Obama? Don't be ridiculous. Elmo and Al Roker, of course.

Tonight at 8 pm on Charlotte's PBS station (and PBS stations nationwide), Families Stand Together and Sesame Workshop present an "hour-long HD special, hosted by Al Roker, Deborah Roberts and Elmo, aims to help families with children, ages two to eight, experiencing difficult economic circumstances by offering strategies and tips that can lead to positive outcomes for their children’s physical and emotional well-being during this tough economic climate."

Do parents trust Elmo to "get it right" on this discussion about the economy? Where's the outrage about Elmo inserting himself in parent/child communication? I don't know about you but I need to read the transcript beforehand.

Coming to Charlotte: Kate - (Jon & 8)

Get out your calendars and clear September 17-20. Why? Because Kate Gosselin, the wretched and overexposed mother of 8, is coming to the Charlotte Southern Women's Show:

Meet TV’s Busiest Mom of 8, Kate Gosselin! Meet the star of TLC's reality hit
'Jon & Kate Plus 8'! Kate Gosselin has been blessed with twins and
sextuplets in the past three years.

Just think, if Kate works out, maybe Octomom will come next year.

On Labor Day....Are You Thankful for Your Job?

Try viewing Labor Day from the other side....the unemployment line.

Rutgers University has published a survey, "The Anguish of Unemployment,” Nationwide Work Trends Survey of 1,200 Unemployed U.S. Workers Reveals the Economic and Personal Costs of Prolonged Joblessness. Some of the grim findings:

The survey finds that 60% of the recently unemployed lost their jobs suddenly, without advance warning. Eight in ten got two week’s notice or less. Just 15% of the jobless received any severance, and virtually none were offered retraining. Three in four unemployed workers say the economic situation has had a major impact on them and their family.

Only 40% of the currently unemployed received unemployment insurance to help them weatherthe economic crisis and 83% of those who did receive aid are concerned that their benefits will run out before they find a job. Underscoring another important debate, only half of the jobless have health benefits.

More than half of the jobless think the changes in the economy will be
fundamental and lasting,and when the unemployed are asked when the economy will recover, only 20% believe it will do so in the next year.

BUT if you are unemployed in North Carolina, you may also be worrying about
when and if you receive your unemployment insurance. From the Charlotte
Observer, "More NC Firms Fall Behind on Payroll Tax." Here are some troubling facts from the article:

"The Charlotte region's jobless rate is 12.4 percent, topping the statewide
11.1 percent. New U.S. data is out today, and some economists expect the
national rate to tick up to 9.5 percent. (Charlottemom - the national rate is 9.7)

The state has borrowed almost $925 million from the federal government since February – the sixth highest in the nation, according to the U.S. Department of Labor. (Charlottemom - with less revenue and more unemployed - how is NC going to repay these borrowed monies?)

Are You Living in Sin?

From Wired Magazine comes these fascinating graphics of American Vice: Mapping the 7 Deadly Sins. Check out how angelic or devilish your State is. Obviously, this is science-lite, but note that North Carolina finished strong in the envy, wrath, gluttony, lust and pride categories!