Now raising intellectual capital
Bank of America to pick an “emergency” CEO this week. — Wall Street Journal.
“If you assume, as we do, that the equity of BAC is a zero, where should bond holders be haircut in order to recapitalize the bank without further financial support from the US taxpayer?” — Christopher Whalen
Ken Lewis as mediocre CEO. — Joe Nocera.
Sheila Bair: “We need to end ‘too big to fail’ and this needs to be an overarching policy that applies to everyone.” — Reuters
After getting it horribly wrong in the second half of 2008, the Federal Reserve called a mulligan. — Angry Bear.